The alarm sirens should be blaring and the lights flashing red over the national debt; the government has spent trillions upon trillions of dollars on everything from recovery programs to stimulus checks over the past few years of the Covid crisis, burning billions of dollars every day at a time when the country is already deeply in debt.
Regrettably, the administration has remained mostly unconcerned about the issue.
Joe and his managers don’t seem to mind, they’re attempting to incite unrest in Ukraine, which would cost trillions more. Republicans may act as though they care, but they haven’t done much.
Though our elected authorities refuse to address the issue, a few brave voices in the wilderness, including Elon Musk, are rising up and speaking out.
Biden Goes Double Or Nothing On National Debt By Placing $30 Trillion On The Bengals https://t.co/4jfYsUYD24
— The Babylon Bee (@TheBabylonBee) February 10, 2022
According to the Convention of States, the late U.S. Senator and Senior Advisor to the Convention of States Tom Coburn used to make exactly the same observations. Because the federal government does not follow generally accepted accounting procedures, unfunded liabilities are simply ignored. These are debts that the US government is aware it must pay, but they aren’t factored into official national debt estimates.
The remainder of Musk’s and the Convention of States’ analysis is spot on: the government has made promises it can’t keep without large amounts of money printing or cripplingly higher taxes.
Ultimately, that means either taxes will rise drastically, social spending will be cut, the economy will be inflated to zero, or the government will try to push past a crisis point by relying on debt, only to be forced to default on the vast national debt, resulting in market mayhem.
