The knowledge of basic economics in America is appalling.
Now, before you click off of this article in boredom (because I know that not everyone is interested in economics), pause for just a moment and think about your budget at your house as an economy in micro form. If you don’t bring in enough money to pay your bills, you have to find a way to spend less.
Many folks don’t want to do that, though, so they choose another solution to pay their bills: they bring in more money by working a second job or getting a raise or starting a business. The way that governments bring in more “income” is called raising taxes.
But another “solution” which you have is to borrow money to pay your bills, and governments do that, too. The problem with that is that borrowed money has to be paid back, no matter what AOC and other supporters of Modern Monetary Theory think.
So, who pays back money that the government borrows? You do or your kids do or your grandchildren do, etc.
Here’s where that gets scary. Do you know how much you, personally, owe due to government’s lack spending restraint? Mark Tapscott does. Tapscott writes,
America’s national debt now exceeds $123 trillion, according to a new report, or more than four times the official figure of $28 trillion, as calculated by the U.S. Treasury Department at the end of March.
“Our measure of the government’s financial condition includes reported federal assets and liabilities, as well as promised, but not funded, Social Security and Medicare benefits,” the report stated.
And, again, from Tapscott:
The total debt, according to the report, “equates to a $796,000 burden for every federal taxpayer. Because the federal government would need such a vast amount of money from taxpayers to cover this debt, it received an ‘F’ grade for its financial condition.”
Think about that. Nearly $800,000 for every federal taxpayer in America. So, if you’re married, you and your spouse are personally on the hook for over one and a half million dollars!
Regardless of your political positions, it’s simply crazy for the government to put you on the hook for more money than you may actually earn in your entire lifetime.
And the Biden spending spree, which is dishonestly being called spending on infrastructure, is only going to make this worse. Did you vote for this? I doubt it, and I doubt that even people who voted for Biden wanted this to happen (if they actually knew what that “infrastructure” bill really pays for).
So, yes, you should be concerned about the national debt, and you need to educate every voter that you know about the reality of this issue, too.