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Posted on 09/17/2026 6:33:03 AM PDT by Twotone
Wisconsin GOP Sen. Ron Johnson stepped into the role of Senate Budget Committee chairman in the most trying of times – he was replacing close friend Sen. Lindsey Graham, who had suddenly passed in July, and about a month into the job he was thrust into the task of trying to rein in a record federal debt of $40 trillion.
"It's wrong. It's immoral. It's got to stop," he said Tuesday on the John Solomon Reports podcast about the rising debt.
The debt has climbed from $14 trillion to more than $40 trillion in just 15 years, and projections put average annual deficits at $2.6 trillion over the next decade, which would drive the total past $60 trillion in the next decade.
The $26 trillion increase in the national debt has taken place in just the time Johnson has been in office.
"We were 14 trillion dollars in debt back then," Johnson continued. "Now we're 40 trillion. People like me are vastly outnumbered. The next sessions' heavy debt load
While mourning the loss of Graham, he still said in August after being named to the post: "Lindsey Graham. He was a true American patriot, and he will be sorely missed. As chairman for the remainder of the year, I intend to maximize this opportunity to define the fiscal challenge we face."
(Excerpt) Read more at justthenews.com ...
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Deficit spending, foreign aid to countries that shouldn’t get a nickel of our money which means every country we give money to, and forever wars will have that effect
SUPPORTING DEADBEATS FROM ALL COUNTRIES IN THE WORLD IS VERY EXPENSIVE.
It’s too late. This needed to be addressed 30 years ago. The fiscal policy changes headed our way will stagger the mind.
...........who is actually supposed to be paid this debt?........
The United States owes its $40 trillion national debt primarily
<><>to domestic investors,
<><>to government accounts,
<><>to international lenders who buy US Treasury securities.
Roughly 80% of the debt is held by the public, while the
20% is intra-governmental debt owed to federal accounts.
Read more here
(https://www.us-debt-clock.com/blog/who-owns-us-debt-breakdown)
The gross U.S. national debt of over $40 trillion includes approximately $7.8 trillion in intragovernmental debt—money the federal government owes to its own internal trust funds, revolving funds, and special accounts.
Major Government Accounts Holding the Debt
When federal accounts (like Social Security or Medicare) take in more tax revenue than they immediately spend on benefits, the surplus is required by law to be invested in special non-marketable U.S. Treasury securities (Government Account Series, or GAS).
The largest internal accounts connected to this owed balance include:
Social Security Trust Funds (OASI and DI): The single largest holder, representing roughly 29% to over a third of all intra-governmental holdings (holding trillions in Treasury IOUs for future retiree benefits).
Civil Service Retirement and Disability Trust Fund: Manages retirement security for federal civilian employees.
Military Retirement Fund & Department of Defense Accounts: Funds set aside for military retirement and health care benefits.
Medicare Trust Funds (Federal Hospital Insurance Trust Fund / Part A): Holds reserves collected via payroll taxes designated for future hospital insurance costs.
Other Federal Funds: Smaller balances exist across more than 200 individual agencies and programs, including the Highway Trust Fund, Federal Housing Administration (FHA), and the Federal Deposit Insurance Corporation (FDIC).
“Every person who did nothing to stop the rape of the American citizen should be stripped of their retirement benefit & personal wealth to get it paid off.”
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Sorry, we don’t ever hold people accountable. That would be mean and hurtful. It might also expose lots of personal motives and we wouldn’t want to do that. /sarc
“Every person who did nothing to stop the rape of the American citizen should be stripped of their retirement benefit & personal wealth to get it paid off.”
************
Sorry, we don’t ever hold people accountable. That would be mean and hurtful. It might also expose lots of personal motives and we wouldn’t want to do that. /sarc
Let’s get ready for a bunch of misinformation. Why do we have a deficit? Its NOT foreign aide. Its three categories of spending - health programs, social security and interest on the national debt. Defense spending is fourth but has remained constant. Other “mandatory” social welfare spending programs have crept up to fifth. The reason we have a deficit is “mandatory” social spending on programs that are popular with the majority of the voting public INCLUDING CONSERVATIVES. We could get rid of all foreign aide and it wouldn’t make a dent in the deficit. Social spending has to be cut dramatically. We have to get rid of this BS notion that some spending is “mandatory.”
Your share of the debt right now is about $360K (per taxpayer) so yes, it’s too late. There will be lots of talk about the crisis but little to nothing done about it (situation normal).
Since government spending is often used for vote buying purposes the unsustainable expenditures are not going to stop anytime soon.
Yup…we are really going to do it this time. Really! You can trust them. They mean it this time.
In our lifetime we have observed a major world power go bankrupt. What happened? Do you remember the year? How did it affect people there? How did it affect you?
It will be the same but different.
Bankruptcy is a set of rules for business and individuals. The assets remain and the debt goes away. The debtors stand in their assigned order for the assets.
It is similar for nations although there are no stated rules.
Life goes on.
But what are the assets? Are they real or just smoke?
Interestingly, Russia assumed all of the USSR debt and used it as an asset. “We promise to pay the debt if you lend us more money, you can keep it on your books as an asset.”
They debt was not paid but mostly written off over time.
But we have our own Central bank and a Printing Press, we can borrow and print all the money we need since we have a debt based monetary system.
Nobody is facing down anything. This will be another episode of KICK THE CAN DOWN THE ROAD.
No matter what party is in....sooner or later we were gonna hit $40 trill....8 years of Obama, 4 years of Biden....12 out of the last 17 years...the Dems own.
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