There are plenty of people who believe that the United States will exist, seemingly forever. But what seems to have been lost in all the hoopla, of believing that the United States is the greatest nation that the world has ever known, is the fact that it does not presently keep its fiscal house in order. We read at pgpf.org that in regards to the national debt “…interest costs in 2024 will total $892 billion.” That amount of money is absolutely staggering as the paying of interest on what the government borrows to keep afloat is nearly $1 trillion and seemingly on an endless track to get ever larger. Further to the point, all that money earmarked to pay that interest so due is money that is thereby spent paying the investors of that federal debt, and therefore is monies not spent on the general welfare of the people. It is distressing, that the richest nation that the world has ever known, seems to be on an unavoidable course to self-destruct because it refuses to get its house in order.
When it comes to federal deficits, there are legitimate reasons why a given government might well find it prudent to go into debt, so as to, for instance, spend money now on infrastructure or on education or on the general welfare of the people, or possibly to defend the nation from foreign aggressors intent upon war on us. On the other hand, there are those monies that are ill-spent for our own endless war involvements, that aren’t even close to our shores, and for all practical purposes aren’t necessary for our participation, as well as monies spent for all sorts of items and things, that aren’t essential, aren’t prudent, aren’t productive, or are done as a favor to foreign nations, as if we have an unlimited amount of monies to just hand out, when clearly, in actuality, we do not.
The easiest thing to do in the world is to spend, spend, and spend, with nary a care as to how it will be paid back, but rather to pass on this debt to generations yet unborn, or to burden the current generation, with the responsibility to pay the debt, by taking away from the people, benefits and needs that they have, so that they, through no fault of their own, must tighten their belts, ad nauseam. Rather, the problem that the United States has, can be laid at the feet of all those politicians and those bad-acting lobbyists who believe that they need not be responsible to anyone or anything, and just have this government to spend monies that are being borrowed as if such never needs to be paid back with interest.
In life, there will be a reckoning, and the enormous federal interest rate debt that the United States is accumulating year after year will have a reckoning, because what is currently happening, cannot continue to happen, indefinitely. Indeed, this interest rate expense so being accumulated, yearly, is in its effect, transferring the wealth of the nation, into the hands of those that have their own agenda, which may or may not be democratic in nature, and might not care that this constitutional system of governance should continue to exist.