It has been discussed for the last several decades, but nobody paid attention. The irresponsible people we elected talked about it, and some even mentioned the dangerous position it places our nation. Nobody had the courage to do anything about it. It is our national debt growing to the point where the interest payments became our largest expense. That day has happened.
Interest payments on the nation’s ballooning debt just eclipsed spending on defense and Medicare, worrying policy experts who have warned this threatens to undermine U.S. economic stability. In the first seven months of fiscal year 2024, which began in October, spending on net interest surged to $514 billion, surpassing spending on both national defense ($498 billion) and Medicare ($465 billion). In fact, interest costs have topped spending on veterans, education and transportation combined. “Rising debt will continue to put upward pressure on interest rates,” the Committee for a Responsible Federal Budget (CRFB), a nonpartisan group that advocates for lowering the national deficit, said in a statement. “Without reforms to reduce the debt and interest, interest costs will keep rising, crowd out spending on other priorities and burden future generations.” The Democrats and the RINOS will say nothing at best and at worst will defend their irresponsible actions as being necessary. The policies they said were necessary, were necessary only for their re-election. Irresponsible spending is never defensible nor necessary. The question that must be asked is, “Can we recover from these fool hardy policies?” The answer is yes, if we have the desire and wisdom to do so. We have seen a dramatic turnaround in Argentina. The Argentinian’s elected a person true to his word. Javier Milei told the people of Argentina that their government was bloated and wasteful and was responsible for their years of high inflation. He told the people of Argentina that the government must be cut, and waste must be eliminated. Milei was elected. Milei, upon taking office, cut the government in half, and made a concerted effort to eliminate waste and fraud. The left element in Argentina was furious and reacted in a manner we expect Democrats and RINOS to act in the United States if this was to be done in the United States. Today in Argentina, the government works efficiently, the government had a monthly surplus for the first time in years. Inflation has been cut more than half of its rate before Milei brought responsible government back to Argentina. Milei has shown the way for responsible people in other countries. Let us hope the United States will learn from Argentina.
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September 2024
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