If You Think The Riots Are Bad Now, Wait Until America Goes Bankrupt In A Few Years
Medicare is functionally insolvent, people are getting way more from entitlements than they paid in, and Congress has been spending like drunken sailors for decades with no signs of stopping.
Christopher Jacobs
By Christopher Jacobs
February 3, 2021
Two data points explain the current debate in Washington on more rounds of COVID spending. The Biden administration’s repeated statements that “the risk is not…going too small, but…going not big enough†reflects a position Joe Biden publicly articulated while serving in the Obama administration a dozen years ago:
Error 404 (Not Found)!!1As to the cumulative effects of these policies, the budget resolution itself tells the tale, with its projected estimates of the total national debt over the coming decade:
(5) PUBLIC DEBT.—Pursuant to section 4 301(a)(5) of the Congressional Budget Act of 1974 (2 U.S.C. 632(a)(5)), the appropriate levels of the public debt are as follows:
Fiscal year 2021: $29,943,000,000,000.
Fiscal year 2022: $31,647,000,000,000.
Fiscal year 2023: $32,911,000,000,000.
Fiscal year 2024: $34,102,000,000,000.
Fiscal year 2025: $35,262,000,000,000.
Fiscal year 2026: $36,311,000,000,000.
Fiscal year 2027: $37,261,000,000,000.
Fiscal year 2028: $38,443,000,000,000.
Fiscal year 2029: $39,652,000,000,000.
Fiscal year 2030: $41,068,000,000,000.
more
https://thefederalist.com/2021/02/03/if-you-think-the-riots-are-bad-now-wait-until-america-goes-bankrupt-in-a-few-years/