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Russia and Ukraine. The Middle East. And what if China invades Taiwan?
No, America doesn’t have the Avengers, and we can’t be in every single place world wide at one time. However there’s a a lot deeper and looming downside dealing with us that no one appears to be speaking about.
In accordance to the U.S. National Debt Clock, the curiosity we pay yearly on the cash we borrowed from ourselves has now surpassed the cash we spend yearly on the fiscal price range for defending the USA of America.
A person walks previous the Nationwide Debt Clock on forty third Avenue in midtown New York Metropolis, Feb. 15, 2019. The debt has now handed $35 trillion. (Getty Photographs)
If we aren’t cautious, it’s solely a matter of time earlier than the online curiosity on the debt is the one largest line merchandise on the fiscal price range for our nation.
STOP THE INSANITY. OUR NATIONAL DEBT NOW TOPS $35 TRILLION…
How did we get right here?
Merely put, the nationwide debt is comparable to you utilizing bank cards in your incessant spending issues on Amazon and Complete Meals and never paying off the total stability every month.
Credit card debt is a rising downside in America, however the precept of racking up debt stays the identical because it does for America. The price of purchases exceeds the earnings we herald and that ends in a deficit. The accrued deficits over time characterize an individual’s total debt.
Notable latest occasions triggering massive spikes within the debt embody the Afghanistan and Iraq wars, the 2008 Nice Recession, and COVID-19. From FY 2019 to FY 2021, spending elevated by about 50%, largely due to the COVID-19 pandemic. Tax cuts, stimulus applications, elevated authorities spending and decreased tax income brought on by widespread unemployment accounted for sharp rises within the nationwide debt.
On the finish of 2023, the nation’s gross debt had reached almost $34 trillion and now on the finish of 2024 we will method $36 trillion. Of that quantity, about $27 trillion, or 79%, was debt held by the general public – representing money borrowed from home and international buyers.
WHO ADDED MORE TO THE NATIONAL DEBT, BIDEN OR TRUMP?
The remaining $7 trillion (21%), was intragovernmental debt, which merely information transactions between one a part of the federal authorities and one other.
Can this be fastened?
Let’s begin with the massive lie: “The wealthy don’t pay their fair share.” This rhetoric has been used for a lot of elections and is now being positioned entrance and heart by Kamala Harris saying that rich individuals pay the identical tax charge because the “working class.”
Right here’s how this notion of the “rich pay decrease taxes than the center class took place as a speaking level.” Forbes ran an article in 2021 that said, “400 (richest households in America) paid a mean earnings tax charge of 8.2% from 2010 to 2018.”
The research, by economists Greg Leiserson of the Council of Financial Advisers and Danny Yagan of the Workplace of Administration and Funds, used annual “Forbes 400” lists and public information to estimate the incomes and federal earnings taxes paid by members of that elite group. That is the smallest of pattern sizes, measuring the 400 richest individuals in America.
BILLIONAIRE WARNS INTEREST ON DEBT TOPPING DEFENSE SPENDING A SIGN ‘THE COUNTRY IS IN TROUBLE’
Saying the wealthy don’t pay their fair share is properly… misinformation, because the Democrats would say. Listed here are the information:
- Private earnings taxes account for 48% of presidency income
- Payroll taxes account for 33% of presidency income
- Company taxes account for 10% of presidency income.
The Nationwide Taxpayers Union Basis’s information from 2021 confirmed that the high 1% of earners made a mean tax charge cost of 26.3% of adjusted gross earnings (AGI) they usually paid 45.8% of all federal earnings taxes.
However, in accordance to H&R Block, for $50,000 of taxable earnings within the 2023-2024 tax 12 months the tax charge is 12.6%. Meaning the “rich (the high 1%)” pay a 100% greater tax charge than the common middle-class individual in America? Does that appear truthful?
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However that is the deception on taxes that we see Democrats telling Individuals about tax charges versus the precise taxes paid. By the best way, this doesn’t embody state taxes, native taxes, payroll taxes, and actual property, which might add these numbers up to be even greater.
The problem to repair this downside is that solely the rich can doubtlessly actually clear up a part of this equation it since you can’t get blood from a stone. It’s why Social Safety could inevitably change into a tax that appears like Medicare and why finally capital beneficial properties tax charges and extraordinary earnings tax charges will go up.
However, with authorities spending uncontrolled, there may be completely no query that we want to determine the place spending cuts should occur on the opposite aspect of the ledger to successfully stability our price range.
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Will we give you the chance to defend America?
Actions have penalties. As will this election. There’s completely no query that Congress might be compelled to increase the nationwide debt ceiling quickly and that our nationwide debt might be $40 trillion throughout the subsequent two years. The curiosity on the nationwide debt will quickly price us fiscally greater than $1 trillion a 12 months.
If the battle in Ukraine, the battle being waged by Iran and its proxies, the battle on the border, and who is aware of what’s subsequent doesn’t scare you, you have to be frightened that we could not find the money for to construct our personal future fleet of Iron Males primarily based upon the budgets we set forth at the moment to defend our nation and management place world wide. Possibly it’s time we took our nationwide bank card debt critically.
