More than $100,000 each.
That’s how much money every man, woman, and child in Suffolk County and across the country owe because of the almost $35 trillion national debt.
We have a wide range of guest editorials in the South Shore Press, including “Joe From Texas,” Mr. Joseph Penland, who writes in this week’s edition about the dangers of the debt.
Yes, there are incredibly pressing and urgent issues facing America right now. A wide open border allows the free flow of fentanyl, gangs, bad actors, and illegal immigrants into our nation. As my old boss Vivek Ramaswamy says, “a country without a border is not a country.”
The economy is an absolute disaster. The next President must cut taxes, reduce spending, and create a culture of a government that is business friendly in order to get the economy back on track.
It is unconscionable that you pay a lot more for essentials like gas, groceries, and rent while your paycheck remains the same.
The border and economy are two significant issues that’s damaging our great nation right now.
But the most important issue politicians can tackle head on must be reducing the massive national debt.
When Ross Perot ran for President in 1992, he rang some serious alarm bells that the national debt hitting $4 trillion was a crisis and must be dealt with swiftly. Thirty years later, it’s up to an unmanageable number: $34.7 trillion as of press time.
Unfortunately, $8 trillion of that national debt is being held by foreign countries, many of them are enemies of the United States. If China decides to “call in” their debt and demand payment of what they’re owed, it would further weaken the United States both financially and militarily.
It’s going to be much worse before it gets better.
The independent Congressional Budget Office believes the national debt is on pace to hit $56 trillion in ten years.
Right now Washington spends more paying interest on the national debt than it does defending America. Politicians aren’t making a dent on the principal. They’re barely able to pay the interest.
Can you imagine if you managed your household finances this way? How broke as a joke would your family be if you put all of your monthly bills on your credit card, then only made the minimum interest payment for many years?
Sadly, this is exactly how the federal government manages finances. It’s a recipe for disaster, with your family being stuck with the bill.
At the Presidential and Congressional levels, be sure to vote this November for candidates who you believe will take reducing the national debt seriously.
If you don’t, the amount of money you owe to pay down the national debt will only get bigger, while Washington keeps spending more.