What has been on my mind recently is: “How are we going to pay for all of the debt we have incurred over the past three plus years?”. Payment on the National Debt has now become such a large part of the Federal Budget that I wonder how we will continue to be able to meet other Federal obligations such as Social Security and Medicare. Any additional debt incurred will be even more burdensome since it will have to be borrowed at higher interest rates. How will we be able to meet our fiscal responsibilities if current policies remain the same and continue to contribute to spiraling debt.
Whether or not one agrees with unlimited subsidized illegal immigration; student loan debt forgiveness; astronomical foreign aid; and subsidizing conversion to electric vehicles and other green programs, all of these initiatives cost a lot of money. Debt from some of these initiatives has been incurred by not enforcing Federal Laws, authorizing payments which the US Supreme Court has said are illegal, and failing to get Congressional authorizations for spending by using Executive Orders. The Biden/Harris administration has made it clear that they intend to find some of the required money to fund these initiatives by “taxing the rich”. But that will not be enough for the monstrous debt incurred. Most recently the Biden/Harris administration has stated that in order to finance these initiatives it will not be renewing the Trump tax cuts and in effect will be raising taxes on not only the rich but on most American citizens. At this time of high inflation when wage increases have not kept pace with inflation, the average citizen has seen his purchasing power decrease! Adding back the previously cut taxes will further decrease the average citizen’s purchasing power. To prevent Americans from having to deal with additional financial hardship you would think that the Biden/Harris administration would not want to impose an additional burden on citizens who are already struggling to make ends meet.
Yet rather than relooking at policies and implementing initiatives to reduce spending the American taxpayer has to foot the bills Rather than looking at initiatives that will bring in more money, the American taxpayer has to foot the bill. Are these programs ones that the average American citizen wants to spend money on, even at the expense of their personal financial well-being? Why is it that the Federal Government can incur endless debt and the private citizen can’t? Yet the private citizen has to pay back the Government debt whether he or she agrees or disagrees with what incurred the debt? Increasingly I feel that I, my children and my grandchildren will be heavily burdened by their responsibility to pay back unnecessary Government debt. Debt, that has been incurred by squandering money on an ideologic pollical agenda through poorly managed programs with no fiscal responsibility and imposed on us by a Government that has no interest in doing what is best for the American People (improving their lives).