Author Topic: Congressman warns national debt could reach $30 trillion by end of September  (Read 482 times)

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Offline catfish1957

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Reference ...  Just the News

https://justthenews.com/government/congress/arizona-rep-andy-biggs-says-national-debt-could-climb-high-30-trillion-end

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Rep. Andy Biggs, an Arizona Republican and chairman of the conservative House Freedom Caucus, is expressing concern about the rapidly rising U.S. national debt.

Biggs told Just the News said that the trillions of dollars in coronavirus aid piled on the structural deficit for this fiscal year combined with the likelihood of even more spending in the coming months will bring the national debt to somewhere between $28 trillion to $30 trillion by the end of September.

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Folks, the fiscal insanity gripping this country during this pandemic is beyond earthshaking.  We are spending towards our destruction, and few in DC seem to care.
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline Fishrrman

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catfish wrote (as he often has posted before):
"the fiscal insanity gripping this country during this pandemic is beyond earthshaking.  We are spending towards our destruction, and few in DC seem to care."

And I have posted this before, but will repeat once again:

Those in DC who have the power to do something about the debt problem will NEVER do ANYTHING so long as they can avoid doing so. And right now, they still CAN avoid doing so.

Those who complain about it, have no power to change things.

This situation IS NOT going to change any time soon.
It could last a decade more.
It could last several decades more.

It will continue until the point is reached when it can no longer continue.
Only then, will it stop.

And WHEN it "stops", only then will those in power "do something" about it.

BUT... I can guarantee you... you ARE NOT going to like the steps they take to do something about it. Not at all.

So... until it finally crashes... the debt train with no brakes rolls on.
Enjoy the time you have left while it's still on the tracks !!

(and cue up Peggy Lee singing "is that all there is?"...)

Offline Free Vulcan

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At $30T, taking the current average interest rate of 2.3% that the FedGov is paying, that's around $700B a year, which is approximately 20% of our current tax receipts.

That's at record low interest rates. It amounts to a 20% budget cut since that money is going for nothing but interest.

Imagine what the Dems would do if the GOP proposed that kind of budget. Yet that is exactly what is happening here, today.

We have trapped ourselves into an interest rate corner from which there is no way out except by alot of pain.
The Republic is lost.

Offline Applewood

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I used to think the consequences of all this runaway spending would hurt the next generation or the one after that.  But at the rate we're going, I believe this old lady will still be alive to see the US turn into Venezuela.