It would take nearly $8 trillion in budget cuts merely to stabilize the national debt so it does not grow faster than the economy. (Photo by lucas Favre on Unsplash) In last week’s elections, Americans rejected the status quo in the federal government and asked Republicans to once again take the reins. On Friday, the […]
Share Since World War II, the dollar has played a dominant role in global financial markets, maintaining America’s global economic leadership. This affords the United States “exorbitant” privileges no other country enjoys, such as lower borrowing costs, the absence of fluctuations in the value of its debt due to exchange rates, and the power to impose far-reaching […]
America is the biggest debtor nation in history: Robert Kiyosaki The U.S. national debt surpassed $36 trillion for the first time in the nation’s history on Friday as the federal government continues to accumulate debt at a record-setting pace. New data from the Treasury Department released Friday afternoon showed that the gross national debt hit $36,034,994,586,981.97. […]
Key Takeaways Grab your pay stub for June and see how much you paid in federal income tax…over 75% of that was effectively your contribution to interest on the debt last month. This is where our federal government is today. It has spent so much more than it has taken in that it has racked […]
Republican U.S. Rep. Josh Brecheen held a town hall meeting at the Bartlesville Community Center last week, where he delivered an in-depth presentation on the nation’s fiscal state and the urgency of addressing federal spending. Brecheen, who represents Oklahoma’s 2nd Congressional District, focused on the rise in national debt and its implications for the country’s […]
At a recent congressional hearing, Representative Randy Feenstra (R‑IA) grilled witnesses on one fundamental point of disagreement regarding how Social Security works: Does Social Security spending add to the national debt? (Scroll down for the transcript of the exchange.) The answer is yes because the US government did not save any of the excess payroll taxes […]
In case you missed it, the U.S. government’s total public debt outstanding surpassed $35 trillion on July 26, 2024. This amounts to over $102,350 for every person in the country, based on the population of 341,963,408 in 2024. On average, this would be more than $255,875 per household, assuming each household has 2.5 members. These figures may seem daunting, especially when top executives from financial […]
The national debt surpassed a mind-boggling $35 trillion last week — approximately $100,000 for every man, woman, and child living in the United States. This means a family of four’s share of public debt, ~$400,000, is likely more than they owe on the mortgage of their house. Runaway government spending is no surprise. What is […]
The U.S. is headed for “the most predictable economic crisis in history,” as Bill Clinton’s former White House chief of staff once put it. Why? Because of the mountain of federal debt that we keep making bigger and bigger. For the first time since the wartime economy of the late 1940s, U.S. debt is roughly equal […]
Republicans are marching towards a high-stakes November election. Alas, they seem to have left some important conservative principles behind. The 2024 GOP Platform is notable for what it omits: its lack of commitment to fiscal responsibility is a major oversight. Admittedly, Republican rhetoric has long exceeded Republican policy when it comes to spending restraint. The rhetorical change […]
