You are here: Home / BM / Black Americans, Asian Americans, Mexican Americans and White Americans: Reckoning with Debt – The $8 Trillion Challenge Undermining America’s Economic Health.
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(ThyBlackMan.com) Our federal government just reported that in 2023 we had a near $2 trillion annual deficit. Add this to the nearly $6 trillion that President Joe Biden racked up in prior years and you have almost $8 trillion of spending that we could not pay for. And we still have another year left of his presidency. Our national debt is currently an astounding $34 trillion.
A good economy?
What ever happened to the old fashion practice of “pay as you go”? If you want to spend money to help other countries, pay for it. If you want to spend billions on convincing Americans to buy electric vehicles, pay for it. Want to use alternative sources of energy, pay for it. This is a rather novel idea.
In Biden’s defense, what is referred to as a “balanced budget” has only been done once this century. It was a customary practice during most of the 20 th Century.
Politicians, the establishment, and media think the American people are not too bright. After all, we are supposed to be happy with our economy.
Americans in poll after poll have screamed back at them that “we are going in the wrong direction.” Americans realize the following: We are paying over 20% more for our goods and services since Biden has been in office. We are paying nearly double on mortgages and business interest rates. We understand that the part-time second job is not for luxury items but for necessities.
Even if we are “trending” in the right direction as the Biden administration claims, what does that really mean for Americans today, this month, or even this year?
And tell that to the thousands of Americans who have filed for bankruptcy. Total bankruptcy filings rose 13% and business bankruptcy filings rose 30% in the 12-month period which ended September 30, 2023, according to United States Courts (www.uscourts.gov). A good economy?
Americans also realize that Biden’s policies are helping the rich and not necessarily the middle class and less fortunate. Wall Street is popping champagne bottles as records are being set almost daily, while the folks living on Main Street have to hold off on that purchase of a home because the monthly payments would be 50% more than they were prior to the Biden administration. They cannot afford it. Yet Biden and his surrogates would tell you that you are doing great! Not so fast.
It is called “political spin.” Say something enough times and it becomes reality. Perception and reality blur. When the public hears something from numerous news outlets, it gains even more credibility. But it still does not make it true.
For example, we have totally altered the meaning of “unemployed.” Get this: You are not “officially” unemployed if you have stopped looking for work despite not finding any work. Meaning, if you are totally discouraged by this so-called “great economy,” then experts stop counting you. They ignore your existence when calculating the unemployment rate. Some economists are bold enough to say we have “full employment” (they are probably descendants of those “experts” who once claimed the world was flat.)
For various reasons, just 62% of Americans are participating in the labor force. A small uptick in this number would significantly improve America. We choose to ignore this fact.
Instead, more people have taken themselves out of the labor force of late. They have stopped looking for a job. We have states where the labor force participation rate is around 50%. In comparison, socialist Russia’s labor force participation is 46%.
Biden and the Democrats are more concerned with climate change that possibly could affect us near the end of the century, than the ever-growing problem caused by the federal government’s entitlement programs as well as wasteful spending which could financially destroy the country before our grandkids can finish high school. The price tag for the climate change law was about $1.2 trillion. “Thank you, Mr. President,” I say facetiously.
Prior to the financial stress of paying more and more money toward interest payments on our national debt, which is reaching unbearable levels, we must realize we should better prepare, train, and pay Americans than allow illegal immigrants to crash through our borders and take jobs in America. We have millions of Americans, who, if offered, would take decent paying jobs if it were economically prudent.
We need more Americans paying into our system via taxes than taking resources out of our system via social service programs and Medicaid (health care for the indigent is costing us almost $1 trillion a year). And trust me, the millions who have illegally invaded America will not have healthcare coverage. They will merely add to our huge Medicaid cost. Once again, “Thank you, Mr. President,” since you can, but you won’t, close and secure the border.
All this is incredibly sad, but we have the power to turn this around.
The media, billionaire political activists, Wall Street, Fortune 500 companies and their high paid lobbyists, and the American people, if focused and organized, can circumvent the partisan follies of Congress, U.S. Supreme Court decisions, and weak presidencies. Changing our laws via constitutional amendments must be considered. Mobilizing state legislatures through the people is the first step, much like those fighting on the abortion issue have done.
We need a Balanced Budget Amendment which would force Congress and the president to compromise. We cannot continue spending money we do not have. Believe it or not, continuing on our current course, over time, can cause even Uncle Sam’s credit card to be declined.
A good economy – I don’t think so.
Written by Gary Franks
Official website; https://Twitter.com/garyfranks
