When the news broke that the Dems would take back the House I wrote then that with that bit of news we would see a return of the GOP of caring about the national debt and the deficit…….and viola!……I am hearing the rumblings of such a switch.
May I see a show of hands if any of this makes any sense to you?
First, the debt and the deficit are two different problems…..this video can help understand the economics…….
The news has broken that the national debt for the US is $22 trillion…yep that is Trillion with a “T”…….most of us cannot wrap our heads around that many zeros….it is difficult to understand and as usual I want to help you understand…..
Hopefully those two short videos helped you understand the economics at work here….
Congress does not care about the deficit or the debt (at least for now but that can change over night)…..
Congress has stared into the abyss of debt, and the abyss has stared back. The national debt just topped $22 trillion for the first time ever, yet barely a peep was heard in the halls of the Capitol. The debt-to-GDP ratio has more than doubled in less than 20 years, rising from 33 percent in 2000 to 78 percent today. Within 10 years, it will reach 93 percent, the highest level since just after World War II.
While currently the federal budget deficit is around $900 billion, beginning in 2022, it will exceed $1 trillion per year, every year, according to the Congressional Budget Office. Over the next decade, deficits are projected to fluctuate between 4.1 percent and 4.7 percent of GDP, well above the average over the past 50 years.
Hopefully this will help when the yelling and the chest thumping begins again…..the GOP needs something they can champion to turn the conversation away from their cowardice in confronting the corruption of the Trump administration.