In listening to the 2020 Democratic presidential debates or President Donald Trump’s many addresses to the American people, citizens would not know that the nation has exceeded $23 trillion in debt and that to liquidate this debt $186,577 per taxpayer is due immediately, according to 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, free health care was offered. In other words, anyone in the world who comes to this continent and crosses the border, although it is against the law to do so, will be given free health care 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 Sen. Elizabeth Warren released her Medicare For All plan. Its cost is $52 trillion over 10 years. No such assets exist.
Democrats want everything free or subsidized – health care, housing, food and 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 No. 1 followed by 12 zeros. A trillion dollars is a thousand billion and a billion is a thousand million. This number still means very little to students who count their money in fives, tens and twenties.
One mathematician gave people a more practical way to evaluate the outstanding debt. One trillion $1 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 Obama alone, $9 trillion, would reach the moon and back and to the moon again. Moreover, if a person traveled atop this stack of ones, the total $23 trillion in debt today would take them to the moon and back almost four times, according to a CNN news cast, Feb. 4, 2009.
Sen. Mitch McConnell gave another illustration just as awe striking. He calculated that if the nation spent a million dollars every day since Jesus was born, it still would not have spent a trillion dollars – only three-fourths of a trillion dollars, according to Ibid.
I ask students, “Who gets to go without so that this debt can be paid?”
“Go without!!!?” they ask me.
Going without 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, according to www.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, 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 their defenseless children and grandchildren. Is this 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 is in people’s pockets. Prices go up. My Chevrolet Camaro bought new in 1968 cost $ 2,700. Had I instead put the money under a mattress and tried to purchase the car today, it would cost more than 10 times that much. In this instance money has lost 90% 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, according to the article “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, which was updated Nov. 4.
The U.S. prints whatever money it wants to purchase whatever it wishes. Neither party is serious about stopping the debt and removing the bondage that the nation has imposed upon its children and grandchildren. Who cares if the 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 the country hasn’t fully paid its debts in 98 years, so long as the government fills people’s stomachs and the new slaves pay for it.
Dr. Harold Pease is a syndicated columnist and an expert on the United States Constitution. He has dedicated his career to studying the writings of the Founding Fathers and to applying that knowledge to current events. He taught history and political science from this perspective for over 30 years at Taft College. To read more of his weekly articles, visit www.LibertyUnderFire.org.