“I place economy among the first and most important of republican virtues,
and public debt as the greatest of the dangers to be feared.” –Thomas Jefferson
Our National Debt has surpassed $30 Trillion. The federal government owes itself $6 Trillion. The Wall Street Journal explains the rest-
“The debt held by the public is some $24 trillion, which is bad enough. That’s more than 100% of GDP, a level the U.S. has previously reached only during wartime. Much of this debt is held by Japanese or Chinese, who won’t take kindly to not being repaid. But they’ll keep lending that money as long as they assume they will be repaid.”
That is scary. Inflation is on the rise too. Our money is on a course to be worth less than the paper it’s printed on. It’s not too late to right the ship, but we need decisive action now. Step one is to cut federal spending drastically.
The Biden Administration seems willing to try to spend our way out of the problem, which is absurd. The last administration did nothing as well to turn the National Debt around. We need a new set leaders focused on fixing our damaged monetary policy.
