I watched the Democrats debate amongst themselves on Wednesday and Thursday. It was the same theme each evening — Medicare for all, free college education, higher minimum wage, income equalization, eliminating college debt, control gun violence by buying back assault weapons, among others. Little was said as to how to pay for these programs except to allude to higher taxes for the wealthy and the giant corporations. Same old Democratic rhetoric.
What was lacking in the discussion was any mention regarding the exploding national debt, which earlier this year reached $22 trillion with no end in sight. The debt rose dramatically under Obama, and continues rising under the Trump administration. Economists, along with other experts and various studies, agree that this level of debt is unsustainable and warn of future disaster if left to increase out of control. Yet our elected leaders and candidates for office completely ignore this fact and continue promising utopia for all.
I know people who have no savings, and have maxed out multiple credit cards and can no longer pay the interest and are forced into bankruptcy. The federal government is no different. The interest on the federal debt is $389 billion for 2019 and estimated to increase to $914 billion by 2028. I have not come across any data as to when the collapse will come, but according to the experts, come it will unless Congress acts. It’s early in the political circus running up to the 2020 election, perhaps someone will have the nerve to broach the subject of the runaway debt, but I won’t put any money on it.
Alan E. Andrews