One More Try at Reducing the Debt
“Neither a borrower nor a lender be.”- Polonius to his son Laertes in “Hamlet”
It may be too late given the number of Americans who have willingly allowed themselves to become dependent on government more than themselves, but it’s worth trying.
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Our $34 trillion debt is unsustainable, according to most economists. If we don’t act soon, we will be worse off than we are now. Our economy could collapse. The economic future is not bright if we continue down our current path. According to Statista Research,” By 2034, the gross federal debt of the United States is projected to be about $54.39 trillion.”
President Biden wants to raise taxes again on “the rich” and corporations without cutting spending. Revenue is not in short supply. Fiscal discipline is. A change in spending will require a change in attitude about what government should and should not do.
The U.S. has experienced a fiscal year-end budget surplus five times in the last 50 years, most recently in 2001. Debt is bipartisan and it will take a bipartisan approach to reduce or eliminate it. During President Biden’s term, national debt has increased by$4.7 trillion (he wants to spend more), a rise of 16.67 percent
