It’s being reported that before the current Coronavirus crisis is over the U.S. will be staring 30 trillion dollars of National Debt in the face. Further reports indicate that 15% of tax revenue will be needed to service that debt. So, for every $100 of federal income tax paid, $15 of it will go towards interest on the debt and $0 towards the principle… because, when was the last time you heard about the National Debt being paid down? We can’t even live within our yearly budget without borrowing more money each year.
I wonder if it ever occurs to our legislators that we are demanding and giving ourselves too much stuff? And let’s not forget the money we give to other countries, some who seem to openly say they hate us. Yep, we borrow money so we can give it away. Who does that?
The latest: Democrats, who dragged their feet on the previous COVID relief acts, are rushing another stimulus bill to the floor, bypassing all the committees and Republicans, and reported to be asking for three trillion dollars. I guess it’s possible, by the time this is all said and done, that we will blow ten trillion dollars on the Coronavirus response all while shutting down the economy and putting millions of taxpayers out of work, and destroying the robust American small business community.
Change My Mind! 