WASHINGTON D.C. – Congressman Greg Lopez (R-Colorado) released the following statement regarding the U.S. national debt surpassing $35 trillion.
“The U.S. national debt just surpassed $35 trillion. That’s over $2 trillion added onto the debt in just one year. If the federal government continues to spend money at its current rate, the debt will spiral to $55 trillion in just ten years.” Said Rep. Greg Lopez. “As a new member of the Budget Committee, I hope that this $35 trillion marker is the last alarm necessary to convince Americans to vote with their wallets and to consider who exactly has their best interest in mind when it comes to tackling this deficit and out of control spending.”
According to the House Budget Committee, the gross national debt is currently $35 trillion. This equates to:$104,497 per person $266,275 per household $483,889 per child.
The debt one year ago was $32.65 trillion, meaning that the debt has increased by $2.35 trillion over the past 12 months. This rate of increase equates to: $196 billion in new debt per month, $6.4 billion in new debt per day, $268 million in new debt per hour, $4.5 million in new debt per minute, and $74,401 in new debt per second.
The U.S. Treasury Department reports the amount of debt outstanding at the end of the previous business day.
The report can be found here.
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The numbers boggle the mind. However the percentage of our entire tax revenues spent to cover the interest on this borrowed money shocks the conscience. That is where things get very real.
It is now largest part of our federal budget, taking the the biggest bite out of our own tax dollars: feeding the interest payments on this massive Democrat-run up debt. Biden-Harris are not even done yet: they want free health care, housing, senior care and child care. This is their unfinished business for 2024.
Democrats only response – try to blame this massive debt on someone else. And refuse to admit they used this borrowed money just to buy more Democrat votes every election . Free everything is the Biden-Harris 2024 agenda. It does not work that way.
Wake u GensXYZ- this is your burden to pay off .How far will you get when you cry out –Taxation without Representation — when in fact you kept electing the Democrats who did this to you.
A Trillion here a Trillion there, in the words of Hillary “what difference does it make! The nation has become indifferent to the massive spending of this government believing the bogus claim earlier this century, attributed to Dick Cheney, that “deficits don’t matter” .
The reason many people fail to grasp the gravity of a $35,000,000,000,000 debt is they believe the federal government is too big to fail in that it will never go bankrupt. News flash, the government generates no money, never has, never will. All a government can do is spend YOUR money, The US economy, YOU the People; generate the money the government takes from you and the economy via taxes, fines and tariff (which you pay in the form of increased prices on those goods),
Both sides of the aisle are guilty of overspending, more accurately over charging on the govt credit card. No nation has ever borrowed itself out of debt, the only way is to reduce spending like proverbial drunken Airmen (I was Navy so spread the ‘love’ around) . Vote smart this November!
I think politicians stay awake all night trying to figure out how to spend our money.
Biden Harris does not even need to think about spending our money. They have already promised for 2024: free child care; free senior care; free health care and of late free houses. This is their “unfinished business” and they want your votes to carry it out.
Cradle to grave government dependency. But if our most immediate government interfaces K-12 and TSA are good examples, the government cannot run anything, Beware! Raid the treasury and hire the relatives – that is how Democrats plot to spend our tax dollars.
What Democrats call rights and demand we fund, are in fact commodities which can only be are bought and sold by a willing marketplace; not handed out for free using someone else’s money.
California as we speak is learning this ugly lesson – the capital and revenue producers are fleeing the state, but the debts only grow. But we cannot print our money – only the feds get to do that.
Democrats in their essence and excess are thoroughly reprehensible . Gens XYZ- you are the ones stuck with paying all this off this current Democrat vote-buying . Is this what you really want to vote for?
Deficit spending and national debt have no constituency, and reducing either has no advocates. Republicans love to cut taxes without cutting corresponding spending. Democrats love to increase spending without raising corresponding revenue. No politician has ever won an election based on a platform of reducing the deficit. Any politician who tries will immediately get pilloried and shamed with rhetoric denouncing the impact either way. And no voter will vote for such a politician even if they existed, because that voter will either have to pay more taxes, get less government benefits, or both. It’s all about “ME” at that moment all around. Thus, the entire situation is doomed to exponentially escalate, and with it, the corresponding level of demagoguery, finger-pointing, and pitiful lack of consequential action. It’s just disgusting.