Date: December 28, 2022
Host: Jim Schneider
MP3 | Order
Many of you are familiar with the biblical instruction in Proverbs 22:7 that says: “The rich ruleth over the poor and the borrower is servant to the lender.”
The problem is that when it comes to debt, the U.S. is sinking fast as our debt is out of control.
How bad is it? Jim was on the National Debt Clock and the current debt is just below 31.5 trillion dollars. That a per-taxpayer debt of nearly $249,000.
Jim then went back to 1980. According to the National Debt Clock, the U.S. national debt was 934 billion dollars. In 2000, it had increased to 5.6 trillion. By 2008 it was 11.1 trillion. In 2016 it had risen to 20.2 trillion. Today it is nearing 31.5 trillion and by 2026 it is estimated that it will be over 42 trillion dollars.
Along with that there’s the internal borrowing for other funds such as Social Security, the military retirement fund, Medicare, etc.
According to the Department of the Treasury, the largest foreign holder of our national debt is Japan. The second and third largest holders of our debt are communist China and the UK.
Here’s the reason why we need this sobering reminder. Last week, while most people were getting ready to celebrate Christmas, the U.S. House and Senate were hard at work attempting to pass a massive, 4,155 page omnibus spending bill.
Last Thursday, Senate Minority Leader Mitch McConnell and 17 other Republicans, joined Democrats as the Senate passed the 1.85 trillion dollar omnibus bill by a vote of 68-29. This bill basically sets federal spending for all of fiscal year 2023 which began October 1st. This “kneecaps” the new Congress, not just on issues related to the budget, but also oversight of the Biden administration, and more.
Why did Republicans “cave in” on this? Senator Ron Johnson of Wisconsin has serious fiscal concerns regarding this bill while Mitch McConnell sees things quite differently.
Form your own opinion as you hear Jim go through some of what this bill addresses and then hear what listeners had to say as well.
