Enslaving debt soars to over $23 trillion
In listening to the 2020 Democratic Presidential debates or President Donald Trump’s many addresses to the American people, you would not know that we have exceeded $23 trillion in debt and that to liquidate this debt $186,577 per taxpayer is due immediately (see, https://www.usdebtclock.org/). America cannot pay its existing bills.
Four trillion of this debt is from eight years of George W. Bush and nine from eight years of Barack Obama — the two biggest spending presidents in U.S. history. Obama alone doubled the national debt and accumulated more debt than all previous presidents put together. The major reason is government gifting to buy elections. Each election year more freebies are offered.
In the second democratic presidential debate held in Miami, June 28, 2019, Free healthcare . In other words, anyone in the world who comes to this continent and crosses our border, although it is against the law to do so, will be given free healthcare thereafter paid for by the American taxpayer. This one freebie, by itself, would bankrupt America, let alone free college and all the rest they have promised.
In late October, 2019, presidential front-runner Elizabeth Warren, released her Medicare For All plan. Its cost, $52 trillion over 10 years No such assets exist.
Democrats want everything free or subsidized — healthcare, housing, food, even free college. They can’t give away enough. Where will all that money come from?
So what is a trillion dollars? To begin with a trillion is the number one followed by twelve zeros. A trillion dollars is a thousand billion and a billion is a thousand million. This still means very little to students who count their money in fives, tens and twenties.
One mathematician gave us a more practical way to evaluate our outstanding debt. One trillion one-dollar bills stacked atop each other (not end to end but flat) would reach nearly 68,000 miles into space—a third of the way to the moon . If so, the debt incurred under President Obama alone, $9 trillion, would reach the moon and back and to the moon again. Moreover, if you like traveling atop this stack of ones, our total $23 trillion in debt today would take you to the moon and back almost four times (See CNN News Cast, Feb. 4, 2009).
Sen. Mitch McConnell gave another illustration just as awe striking. He calculated that if we spent a million dollars every day since Jesus was born we still would not have spent a trillion dollars — only three-fourths of a trillion dollars (Ibid).
I ask students, “Who gets to go without so that this debt can be paid?” “Go without!!!?” That is a concept foreign to this generation!! They do not know, and neither do their parents and grandparents who laid it on their backs. When they are told that their share to liquidate this debt is $186,577 per taxpayer —due immediately. (see USDebtClock.org), they get angry. Someone should have told them that government handouts are not free.
The 13th Amendment ending slavery has been rescinded, they are America’s new slaves. Bondage was given them before their birth, or while they were in the womb, or before they were old enough to know what it meant to be sold into slavery. The past generation wanted nice costly programs for free and were willing to sell their children to have them. Worse, the older generation is still anxious to incur even more debt on our defenseless children and grandchildren. Are we not the most debt addicted, insensitive generation in U.S. History?
The favored method to deal with this problem is print more fiat money. But expanding the money supply just reduces the value of the money that you have in your pocket. Prices go up. My Camaro bought new in 1968 cost $2,700. Had I instead put the money under a mattress and tried to purchase a Camaro today it would cost more than 10 times that much. In this instance money has lost 90 percent of its value since 1968. Those on fixed incomes are robbed as surely as if a thief had lifted their wallet or purse. Those on pensions cannot receive a raise to compensate for the value loss caused by their own government.
The last president to fully pay for his government was Warren G. Harding in 1922. Thereafter all presidents added to the debt by spending more than they received. Deficits from Ronald Reagan on exceeded a trillion or more (US Debt by President by Dollar and Percentage Who Increased the U.S. Debt the Most? Depends on How You Measure It. By Kimberly Amadeo Updated November 04, 2019).
We print whatever money we want to purchase whatever we wish. Neither party is serious about stopping the debt and removing the bondage that we have imposed upon our children and grandchildren. Who cares if our debt of dollar bills stacked atop one another can go to the moon and back almost four times, or that pensions lose their value, or that we haven’t fully paid our debts in 98 years, so long as the government fills our stomachs and the new slaves pay for it.
Dr. Harold Pease is a syndicated columnist. He taught history and political science from this perspective for more than 30 years at Taft College. To read more, visit www.LibertyUnderFire.org.