A Debt That Can Destroy a Nation

Gatestone Institute ^ | September 13th 2022 | Lawrence Kadish

[Jacquerie]

For as long as there have been politics there have been deals.

Of course, it is illegal to trade one's vote for cash, but those with the power to dispense patronage, projects, and promotions have a unique advantage in seeking the support of those whose endorsements can tip the balance for any given issue.

It is unprecedented, however, when the stakes have become so high that these kinds of backroom deals can disrupt an election or even plunge a nation into an unrecoverable cycle of debt and economic despair.

That is why the "Inflation Reduction Act of 2022" that has come out of the Senate "sausage machine," courtesy of its current majority leader, Sen. Charles Schumer, and his surprising enabler, Sen. Joe Manchin, needs to be closely examined. With its $700 billion price tag, it has the potential to seriously harm our nation's economic future.

One of its elements requires a particularly hefty dose of sunlight. This massive spending plan will allow John Podesta, a Biden adviser, former Clinton aide, and longtime Democratic political strategist, to administer some $370 billion in energy programs of his selective choosing.

In a world where companies compete for federal contracts, and where some seek Congressional legislation favorable to their bottom lines, and where D.C. influence is the coin of the realm, Podesta's administration of what can only be described as an eye watering amount of federal cash requires more than casual oversight.

One may assume that the General Accounting Office will pursue their usual role of budgetary watchdog but can they do so in a timely manner, and with the degree of scrutiny that more than half a trillion dollars deserves?

Current estimates put the U.S. debt approaching $31 trillion dollars.

[sauropod]

It is our own hubris that will bring us down. The self-congratulaton of the ‘Rats.

[quantim]

We have 31,000,000,000,000 reasons to lead us to downfall with no end in sight, thank the uniparty congress. In ten years just the interest on the national debt will be over a trillion dollars.

It is this that will be our downfall, much of it is fake money too (see printed inflationary cash) and allows our gummit to run. The taxes we pay aren’t even close to paying our bills, congressional spending in general each and every day puts us another $2.7 billion in the hole.

The only way to cut government spending and save the nation is to cut off the cash flow and have a balanced budget that cuts a little off each year, we need a Convention of States/Constitutional Amendment to do this.