Saturday, January 3, 2015
Such Staggering Debt
The national debt of the United States rose one hundred billion dollars in a single day on December 31, 2014. That debt now surpasses eighteen trillion dollars. President Obama and both (supposedly) opposition Republicans and the President's pocket Democrats have signed off on more spending in this eight year Presidency than all the previous Presidencies up to George W. Bush combined. If the incoming Republican-majority Senate and the even larger GOP majority elected to the US House do not drastically reduce Federal expenditures, the United States will carry more debt at the end of Obama's second term than the government debt of all the other nations in the world put together. I have hope that fiscal conservatives will try to curb some of the wastefulness. I also realize that progressive Republicans have little interest in cutting budgets, though they may waste tax-confiscated funds with less enthusiasm than the sitting President's party. I believe there will be nominal cuts and a slightly slower growth of government, but no real effort to significantly shrink the government Leviathan.