Skip to comments.The Dangers of Government Debt: Those who embrace and love debt and reckless government spending do so at their own risk.
Posted on 01/01/2021 4:47:02 PM PST by SeekAndFind
It is that time again when liberals, sensing the possibility of being in control, are revving up the debt engines. So many things need to be done in a post-COVID world, and there is so little revenue to pay for it. Debt is the way out, they claim.
Now is the time to borrow a way out of the crisis. Congress has not even waited for the New Year. Bipartisan efforts are currently underway to negotiate a quick fix for the bargain price of just under a trillion dollars.
Debt Addiction Affects Everyone
Unfortunately, debt addiction affects both political parties. Every administration this century has run budgets at a deficit. The average deficit over the last two administrations has been around one trillion dollars annually. The COVID crisis has been an occasion to throw caution to the wind and borrow like there is no tomorrow.
Some Republican legislators maintain the role of a fiscal conscience. They loudly complain about deficits, especially when the opposition is in power. However, the uproar has diminished as officials scramble to find the means to throw money at the problems they want to go away.
Embrace and Love Debt
The latest buzzword in economic circles is that Americans should not deplore but embrace debt. They should even learn to love it as a saving tool in a chaotic world.
Of course, most Americans need no tutorials on how to embrace debt. Consumers are buried in some $14.3 trillion of it. They manage to spend it on houses, cars, education, home improvement, and credit-card charges. Everywhere they go, they spend beyond their means. In the frenetic intemperance of the marketplace, embracing debt comes all too readily.
Loving debt is more difficult, especially when the bank notices come due. People learn quickly that unsecured commercial acts have abrupt and tragic consequences.
(Excerpt) Read more at americanthinker.com ...
The U.S. needs to implement a Negative Interest Policy (NIRP).
This way the more that is borrowed the smaller our deficit is!
Haven’t they already spent us into oblivion?
Ours is a nation of credit abusers so it is no surprise our government abuses credit.
The title is only half right.
If massive debt ONLY affected those that embrace it the problem would not be so big. But the real problem is NOT that it impacts those who embrace it, it impacts EVERYONE, and likely even some not yet born.
I have occasionally joked that part of the reason for the thousand years before the New Heaven and New Earth is that the Lord isn’t gonna let anyone into them until the debts run up at the end of this age have been paid down in full.
Sort of a new spin on ruling with a rod of iron,
It is over. There is no way the debt can be paid back and no way the debt can be refinanced at anything other than close to zero percent interest. All current tax revenue could not even cover interest payments.
We can inflate it away or we can default. Those are the only two choices. Either way the price will be in blood.
My children will curse us all.
In Venezuela there are pictures of its currency blowing around in the streets like any other garbage and debris. Ironically enough it all started with a stolen election. 2020 really was a hindsight year!
Free ! Free! Free just means let the kids pay for it
Where’s the commercial or video showing a toddler happily playing suddenly being demanded to pay its thousands of dollars share of the national debt ? When the toddler breaks into screaming” HOW COULD THEY DO THIS TO ME ???” in tears ? posted this in my website
If this fraudulent election wasn’t going on Trump should vetoed this. NOW I HOPE HE EXPLAINS AND BLAMES THAT SHAKEDOWN FORCING ITS PASSAGE.
That democrat controlled house 5000 or more page budget blaster hasn’t been examined but I bet there is Bailouts for sanctuary states and cities along with a mountain of other appropriations going for give-a-way projects where Swamp family members wind up being “bag men” for those that voted for this.
My bank account shows a treasury check deposit for Jan 4th for 1,200.00 (600 each). I thought this was stalled.
Insolvency is the current condition of the Federal government.
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