Congress is borrowing money at an insane pace, $86.3 Billion just in the month of June.
The National Debt is $26Trillion (26,000,000,000,000) and rising quickly. At some point the US taxpayer is going to be forced to pay an extremely high price, and our nation will face some very difficult choices.
Do any of the geniuses in Congress, in our great think tanks, or on social media, understand or care about this coming disaster? Apparently not.
Our presidents should have been screaming, yelling, and literally fighting with Congress to stop this madness; however, they seem equally happy to spend our country into oblivion. During the Obama Administration more money was borrowed than any other presidency, in the futile hope of getting the nation out of the Great Recession. But there is plenty of blame to go around, George W. was highly skilled at borrowing money for his wars and pet projects, while Trump seems completely oblivious to the problem and is spending money like there's no tomorrow.
Realistically speaking, there's absolutely nothing that can be done about it, at this point. It's already too late. The National Debt is so huge, so unimaginably vast, it can never be paid off. Writing in the July 2020 issue of "Foreign Affairs" magazine, Sebastian Mallaby provides excellent insight as to how the Global Elite and members of exclusive think tanks view this problem. They view every crises as an opportunity for government to expand it's power over society through endless spending. The author describes the Great Recession of 2008 and the COVID-19 pandemic, which have caused immeasurable harm and misery for millions of people around the world, as a fine opportunity for would be autocrats to tighten their grip on society. He goes on to describe how various financial tricks on the bond market can permanently forestall any consequences of infinite government spending.
"Today, the United States and other advanced countries are experiencing the second wave of an especially powerful twin shock. Taken individually, either the global financial crises of 2008 or the global pandemic of 2020 would have been enough to change public finances, driving government to to create and borrow money freely. Combined, these two crises are set to transform the spending power of the state. A new era of assertive and expansive government beckons. Call it the age of magic money."
What can be said to such a twisted mentality? That is a difficult question. The author is a dedicated believer in government power, as if elected politicians have somehow found all the answers to every problem. As can be surmised from the above citation, the Elite and their cronies in Congress, have every intention of continuing on this reckless spending behavior; regardless of any possible consequences. I just hope that when the "magic money" runs out, the average citizen is not expected to bear the burden of other people's carelessness.
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