35 TRILLION reasons why frail Biden’s latest stumble is the ultimate symbol of America’s debt-ridden plunging fortunes
This article was authored by Andy Puzder for www.dailymail.co.uk on June 2, 2023
In a week that the McCarthy-Biden debt ceiling deal has reluctantly limped its way across the finish line, it was perhaps the perfect symbol of America’s plunging fortunes.
Later the same day, the Senate approved the ‘compromise’ deal to suspend the debt ceiling – agreed to by Republican House Speaker Kevin McCarthy and Biden last weekend – and add roughly $4 trillion to our national debt over the next two years.
That will take total federal debt up to an astounding $35 trillion.
Just let that figure sink in for a second. The danger cannot be overstated.
For as I write, our national debt is rising by the second, threatening to overwhelm an increasingly fragile economy and imperil our future stability and prosperity.
The sharp increase in interest rates over the past two years – thanks largely to President Biden’s incompetent spending policies – has exacerbated a decades-long cycle of massive deficits and higher debt.
Now, another era of unfettered Democrat spending will only make matters worse.
This all must come to an end before it ends us a nation.
Don’t believe me?
Consider this: during the first quarter of this year alone, interest payments on our national debt totaled $930 billion – that’s a third of all federal governments tax receipts for that period.
And this is a problem that is almost entirely Biden’s doing. After all, in the first quarter of 2021 – when he took office – interest payments, though high, totaled $550 billion, or less than a quarter of the $2.4 trillion in tax receipts for that period.
That’s what happens when rising interest rates and crippling debt come head to head with economic idiocy.
So just how enormous is $35 trillion?
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