Recently, I went to https://www.usdebtclock.org/current-rates.html to see what the United States’ deficit could be in 2029. It’s unbelievable! The United States may add another 10 trillion dollars of debt in four years. The bill for every taxpayer would be approximately $400,000 each. How long can this go on?
It started way before President Trump took office for a second term. Both the Democrats’ and the Republicans’ previous administrations created our current deficit from overspending every year! In 2029, the total U.S. debt could be $46 trillion without including future entitlements. I don’t want to discuss future entitlements right now. I have no idea how we will pay for them. The Federal Government collected approximately 5 trillion dollars in taxes last year, and even if the government taxes (this does not include the State and Local taxes) everyone at 100%, it won’t cover the underfunded Social Security and Medicare bill! In 2029, it could be underfunded by almost $300,000,000,000,000. I have no idea what the deficit will be in 2029; these are just calculations, not real numbers.
Most politicians don’t mention that the government has insufficient money to support Social Security or Medicare, and the entitlement must be reduced or dissolved. What will happen when the coffers run dry and Americans start getting letters or emails that this will be their last Social Security payment, and Medicare will no longer exist? And these are just two areas of government spending!
The current debt
It can be fixed, but does Washington want to fix it? To view today’s deficit real numbers, go here: https://www.usdebtclock.org/. Our US Federal debt to GDP ratio is currently 122.86%. This means the country’s debt exceeds its annual output of goods and services. This indicates that the United States may have an issue paying back its debt. What happens if they do? More on this in another post.
Then comes the ‘Big Beautiful Bill.’ The Republicans are gushing on how they will save the United States, put money in people’s pockets, and start to pay down the deficit several years from now. In the meantime, it just adds 4 trillion dollars to the debt. It seems every administration, whether Democrat or Republican, has the same narrative when spending money. You must spend money to save money, but it never happens.
If these spending bills are supposed to cut the deficit over time, why are we 37 trillion in debt? What guarantees do we have that the deficit will decrease after several years, and how much? Does the 4 trillion debt increase include all government expenses or just for the ‘Big Beautiful Bill’? They say it does, but does it? At this point, the Trump administration needs to focus on paying down the deficit. Afterward, they should look at more tax savings. I agree that when people have more money in their pockets, they have more to spend. However, at what cost?
Whose at fault?
Do politicians run their household with an enormous deficit and on the verge of bankruptcy? I don’t think so. Democrats and Republicans need to get in a room. They should start looking into where the government can cut without raising taxes. Then, they must do it! Stop calling each other names and start working together. You are all adults and are not in high school anymore.
As midterms come closer, remember to investigate your primary candidates. It’s hard because many politicians say one thing and do something else, but good politicians are out there. Some politicians realize that the future of the US is in danger, with the debt continuing to rise. Maybe it is time to look for someone new to represent your community or state!
Let’s hope we can elect new politicians who will work together by putting aside their differences and working towards a solvent America.