Tuesday, November 13, 2018

In 2025, we reach a very eye-opening debt-and-deficit milestone

At LITD, we post a lot about this subject, because the ways in which it's going to bite post-America in the tail end loom large.

For instance, there's this:

On Monday, The Wall Street Journal reported on a development students of American governance have known about for years, but politicians have studiously avoided doing anything about: the United States’ debt will cost us more in the near future than our own national defense. 
Exactly when?

Kate Davidson and Daniel Kruger report:
The Congressional Budget Office estimates interest spending will rise to $915 billion by 2028, or 13% of all outlays and 3.1% of gross domestic product. Along that path, the government is expected to pass the following milestones: It will spend more on interest than it spends on Medicaid in 2020; more in 2023 than it spends on national defense; and more in 2025 than it spends on all nondefense discretionary programs combined, from funding for national parks to scientific research, to health care and education, to the court system and infrastructure, according to the CBO.
We can't expect the party newly in the majority in the House of Representatives to face this like grownups. Quite the contrary:

Democrats have no interest whatsoever in paying down the national debt. In fact, it’s exactly the kind of lever they’re looking for to raise taxes should they gain office in the near future. Instead of blaming the actual culprit of our national debt – out of control entitlement spending – Democrats have spent the last decade falsely blaming the wars in Iraq and Afghanistan and tax cuts. They’re currently proposing an exponential expansion of our spending on entitlements with programs like “Medicare for All” and free college tuition, which won’t be paid for by anything other than a tremendous middle class tax hike. Democrats want Nordic social democracy; they’re going to have to push Nordic tax rates in order to achieve it.
In fact,  the decidedly un-Madisonian functions of the federal government that have come along since 1935, and certainly 1965, are so entrenched that the cattle-masses won't hear of any kind of restructuring to them.

The United States of America was a great beacon of freedom and testimony to human advancement. Post-America is just another pen for the cattle-masses.
 
 

No comments:

Post a Comment