With the Olympics in full swing, Americans have turned to our televisions with excitement in the hopes that a fellow countryman will be the first person in history to accomplish a feat, break a record or set an impossible standard for generations to come.
Unfortunately during these games, the United States has set an impossible record that will affect not only our current generation but possibly of tens of generations of Americans. This is a detrimental record that continues to grow by the minute. Our nation has surpassed $35 trillion in debt.
$35 trillion is a hard number to comprehend, so let’s do our best to break down this figure. If we were to take a $1 bill, which is .0043 inches thick, putting the bills on top of the other with the intent of stacking them to the moon, we would accomplish our goal…nearly 10 times over. The absurdity of such an act would be comical if it were not such a dire threat to our security, the stability of the world and the future of this nation that has endured for 250 years.
Under Bidenomics, we have reached a scary scenario in which the federal debt held by you, the taxpayer is now roughly $28 trillion (about $87,000 per citizen) which will be 99% of GDP by the end of this calendar year. In layman’s terms, the goods produced domestically and ultimately sold by the United States will be equal to the amount of debt held by the federal government, not including the $7 trillion held by other countries of whom we need to repay.
This increasing debt not only puts an exorbitant amount of pressure on the future and credit of our nation but has played a massive role in our continued inflation as the Federal Reserve continues to pump in dollars into the market with reckless abandon.
We do not know how deep this economic impact will be, but we all know that the economic house of cards is swaying.
These economic factors lead us to the logical question of how do we fix this and bring prosperity back to America? How do we overcome deficit spending that is so large that it equals the economy of South Korea?
First things first, we must do the opposite of the Biden/Harris administration. We must put an end to wasteful spending. Here’s an example: $1 billion spent of an allotted $5 billion from the federal government for clean energy school buses, a program that has produced a grand total of 60 buses in three years nationwide. This reckless, unchecked and unhinged spending must stop. We need a Congress willing to save the people’s money and future, not spend it away.
We need to produce products that drive revenues and growth, and literally provide the power to drive our economy. It’s time once and for all that our government gets out of the way of our energy sector. The more we unleash our natural domestic resources, the lower the costs of products the whole way through the supply chain. We need to unleash our natural gas deposits to bring down energy costs in our homes. We need to prevent restrictions on the coal industry, which produces the energy needed to keep our electric grid running.
America is at or nearing the breaking point because of these catastrophic Biden/Harris policies that look more intentional by the day. We need to get back to the gold-medal ideas of rational free markets, as opposed to the government picking which special interests receive the gold, silver, or bronze.
Hold Senator Bob Casey accountable for being complicit in adding trillions of dollars to the national debt. Urge him to right the wrongs of his DC voting record and head to Bidenomics.com to fact check the Senator’s false claims that corporations, not his own reckless spending, are to blame for your increased costs of living.
This is Emily Greene, State Director with Americans for Prosperity-Pennsylvania.