The debate will soon begin in Washington between the president and Congress about raising our national debt ceiling limit, so it will be able to grow even more. What’s another trillion or two between friends? Our national debt has now reached $31.4 trillion. Many economists believe that it is on a path to grow by trillions more for years to come. Today’s tab averages $93,423 per citizen, or $247,325 per taxpayer. (Source: Nov. 27, 2022 National Debt Clock)
President Biden and Congress should freeze overall spending. Any extension of the debt ceiling should be matched by corresponding real cuts in spending.
Implement “pay as you go” budgeting means testing for all government assistance and sunset provisions for agencies and programs that have completed their missions. End pork-barrel member item spending, stop paying farmers to not grow crops and abolish corporate welfare subsides via tax exemptions.
Close down obsolete military bases here and abroad. Reduce United Nations and foreign aid to those who offer no support when needed.
Have the IRS accelerate the collection of several hundred billion in uncollected back taxes owed by deadbeat individuals and corporations along with suspending billions in future tax refunds to those who continue failing to pay long overdue taxes or student loans.
Stop wasting billions on the war on drugs
Everyone needs to do their fair share in bringing the budget deficit under control. It is time for government to destroy its own credit cards.
Democrats and Republicans have morphed into one Washington inside-the-Beltway party dedicated to staying in power regardless of the cost to taxpayers. Their philosophy is to increase spending above the rate of inflation. Liberals won’t say no to more social welfare programs. Conservatives love any defense spending. Both support farmers and corporate welfare subsidies.
It is time to install a national debt clock with daily updates in both Congress and the White House. They can see how much they are adding to long term debt every time they pass spending bills dependent upon borrowing to pay the tab.
Who is going to bail out Uncle Sam to pay for this? Government, the private sector and citizens must make difficult financial decisions on how to use existing resources. Americans prioritize their own family budgets. They make the hard choices in how existing household financial resources will be spent. The president and Congress should do likewise.
The world’s favored currency is our dollar. This could end if Washington will not control annual increases in spending and debt. If things continue the way they are, China may surpass us, and the yuan becomes the world’s favored currency. Mismanagement of our economy could result in a decline of our standard of living. It may also end our reign as the world’s superpower as we become the world superdebtor nation.
It is time for President Biden and Congress to come together on bipartisan basis and end this madness.
Larry Penner
Great Neck
