In an interview with the Washington Post’s Bob Woodward, candidate Donald Trump proposed to erase the national debt during the 2016 presidential primaries.
Trump: “We’ve got to get rid of the $19 trillion in debt.”
Woodward: “How long would that take?”
Economists said at that time reducing the debt in eight years could not be done even if all basic government functions were eliminated and all national assets were sold.
That was when our national debt was “only” $19 trillion.
Today, after four years of Trump, three months of Biden and one year of COVID-19, the national debt has swollen to $28 trillion. And Joe Biden says another $3 trillion “infrastructure” spending plan will soon be approved.
Our nation is spending nearly 110% more every year than our nation’s annual gross domestic product.
By comparison, a Western Hemisphere neighbor, Venezuela, every year spends 200% more than its annual GDP. As a result, it has 6,500% annual inflation, and 96% of its population lives in poverty. Food, water, energy and health care supply shortages prevail. It is experiencing a spiraling economy, soaring debt, hyperinflation, a growing autocracy and humanitarian crises.
Thankfully, our nation isn’t where Venezuela is … yet.
But we do have some of the same symptoms, and our nation appears heading in a similar direction. Being politically polarized is one thing. Being fiscally irresponsible is stupid.
Amerizuela. Is that who we really want to be?
DENNIS HOPPER
Beloit
https://www.gazettextra.com/opinion/letters/your-views-national-debt-spiraling-out-of-control/article_1c904933-9734-5951-9ebd-59609f8e22d2.html