House Speaker Mike Johnson (R-La.) said earlier this week that we “must prevent” a government shutdown because “that would do even more harm to our economy.” And with that, Johnson consigned Americans to the ultimate government shutdown of debt, inflation, and insolvency.
Johnson is planning to give Democrats everything they want with nothing in return. No spending cuts. No action on the border. Not even a real debate over those things. Instead, he is pushing for … a debt commission.
Why are our leaders so shortsighted?
Here is what’s happening. Since Republican leaders agreed to raise the debt ceiling in June, the national debt has increased $2.3 trillion. In just that six-month period, the debt accumulation rivals the pace of debt accrued during the COVID shutdown in 2020. The difference, of course, is that official unemployment today is below 4%.
With interest rates skyrocketing as the Treasury seeks to incentivize buyers to purchase federal bonds, the United States has entered a vicious cycle of higher interest rates on ever-increasing debt. Interest on debt has now permanently surpassed the cost of our gargantuan military and is rivaling the cost of Medicare….
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