(TheRedAlertNews.com) – There was a time in post-Second World War America when both major political parties – the Republicans and the Democrats – worried about deficit spending (the amount of federal expenditures over and above the amount of federal revenue taken in during any one fiscal year) and the national debt (the total amount of debt on the federal balance sheet). While the parties disagreed about social public policy, they agreed that the massive national debt accrued to defeat the Nazis and the Japanese had to be paid off to ensure economic stability in the United States.
By the late 1950s, that period of agreement on federal spending had all but vanished. While the GOP continued to be a party anchored by fiscal discipline, the Democrats began to move away from that long-held principle and welcomed deficit spending. Then, by the 1980s, even Republicans – while giving lip service to concerns about the mounting national debt – spent money the government didn’t have just as freely as the Democrats.
Today, because both political parties have abandoned any notion of fiscally sound spending, the national debt is quickly approaching $29 trillion. You can view the national debt, along with other government spending, by clicking HERE for the U.S. Debt Clock.
Withholding from paychecks was up $244 billion, suggesting higher wages and salaries in the workforce.https://t.co/ge7uswTXPG
— The Washington Times (@WashTimes) October 9, 2021
Now comes news that in the fiscal year 2021, which ended on September 30th, the United States ran a $2.8 trillion deficit, the second-highest on record. Remember, that’s for just one year.
At some point, if the majority of economists are correct, the United States will either have to raise taxes dramatically or spend far less than it takes in if the country is to reduce the national debt and avoid economic calamity. Then again, maybe the economists are wrong. Time will tell.
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