The reckless spending habits of Congress, particularly under Democrat leadership, are driving our nation into a perilous state. Despite the US Senate’s acknowledgment last month of the national debt surpassing 34 trillion dollars as a threat to national security, they hypocritically approved a 1.2 trillion dollars spending spree shortly thereafter. This bill not only exacerbates the fiscal irresponsibility with increases in war and welfare expenditures but also includes outrageous funding for gender transitioning of minors without parental consent and red flag laws that trample on due process by allowing unwarranted seizure of firearms.
Prior to this financial debacle, the Congressional Budget Office (CBO) had already forecasted a grim future where the national debt would break past records, reaching over 106.4 percent of GDP by 2028. Alarmingly, interest payments on this colossal debt are expected to hit 870 billion dollars this year alone—surpassing military spending. The CBO warns that if Congress doesn’t cut back on its spendthrift ways—a notion that seems almost laughable now—interest payments could dwarf both Social Security and Medicare spending by 2051.
As Eric Boehm from Reason magazine astutely points out, these projections likely fall short of reality since they fail to account for unforeseen “crises” that future administrations could exploit to justify further spending hikes. Past events such as 9/11, the endless wars in Afghanistan and Iraq, the housing crisis, and the COVID lockdowns have all led to significant unplanned expenditures. Not to mention costly legislation like Medicare’s prescription drug benefit or Obamacare.
This unsustainable growth in interest payments forces the Federal Reserve into a corner, compelling it to maintain low-interest rates despite their incremental increases contributing to a 32 percent rise in national debt payments from last year. This manipulation erodes the dollar’s value, imposing an inflation tax on Americans and threatening the dollar’s status as the world reserve currency—a scenario that could devastate our economy and fuel civil unrest alongside authoritarian movements across the political spectrum.
The solution is clear yet challenging: Congress must dismantle the bloated welfare-warfare state beginning with cuts in militarism and interventionism. Savings from these reductions should protect those reliant on entitlements as we responsibly phase out such programs. Support for those truly in need should revert back to local communities and faith-based organizations, with education returning to parental control. Moreover, Congress must enact laws mandating offsets for new spending with cuts elsewhere and prohibit the Federal Reserve from purchasing federal debt instruments—measures sure to face opposition from those benefiting from our current fiscal chaos.
Despite resistance, these steps are vital for preserving liberty and prosperity for future generations.
Source: Conservative Firing Line