{"id":56288,"date":"2024-08-26T12:35:13","date_gmt":"2024-08-26T16:35:13","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=56288"},"modified":"2024-08-26T12:35:13","modified_gmt":"2024-08-26T16:35:13","slug":"the-impact-of-the-national-debt","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=56288","title":{"rendered":"The Impact of the National Debt"},"content":{"rendered":"

Author: R. Alan Harrop, Ph.D
\n<\/strong><\/p>\n

We, the American taxpayers, need to be aware of the soaring national debt; primarily because we will ultimately suffer the consequences of this out-of-control spending.\u00a0Let\u2019s take a look at the facts.\u00a0I\u00a0strongly suggest that you sit down as you read this.<\/p>\n

Much of the following data was obtained from the website www.us.debtclock.org<\/a> as of the end of August 2024.\u00a0The total debt is currently 35.2 trillion dollars.\u00a0This debt, by far the highest of any country in history, is increasing at the rate of 1 trillion dollars every three months.\u00a0This amounts to $268,000 per taxpayer.\u00a0The debt to the Gross Domestic Product (GDP) ratio is 122% as compared to 35% in 1980.\u00a0This is comparable to an individual having a debt that is 122% higher than their total assets and income.\u00a0The interest alone on the national debt now amounts to 918 billion dollars per year, which is more than the entire military defense budget.\u00a0This is clearly unsustainable.<\/p>\n

The impact of federal spending on inflation is equally alarming.\u00a0Compared to the year 2000, the price of essentials is truly shocking.\u00a0For example, the average price of a new home is now $406,000 as compared to $166,000 in the year 2000.\u00a0New cars now average $49,000 as compared to $22,000; annual healthcare now averages $15,000 as compared to $5,000;\u00a0college tuition now averages $27,000 per year compared $11,000.\u00a0Contrast these dramatic increases to the increase in median annual income that is now $39,000 compared to $32,000 in the year 2000.\u00a0Clearly, the standard of living of the average American, especially the young, has diminished significantly, especially when you add the $268,000 we all owe on the national debt!<\/p>\n

As we face the upcoming election, we need to evaluate the impact the Democrat and Republican platforms will have on the national debt\u00a0and inflation.\u00a0The Democrat platform, as far as we can tell, includes price controls, $25,000 gifts to first time home buyers, increases in corporate tax rates, allowing the Trump tax cuts to expire, a tax on unrealized capital gains, transferring student loan debt to others, and a wealth tax. History shows that none of these proposals will reduce the national debt or inflation–they will only increase government spending and reduce the incentive of the average person or corporation to invest.\u00a0 Couple this with the money being spent to support illegal aliens, and the problem only worsens.\u00a0For example, price controls lead to shortages in supplies and result in price increases.\u00a0The Republican platform includes efforts to reduce the cost of energy by eliminating costly green energy programs and expanding the use of fossil fuels and nuclear power, reducing excessive government regulations, incentives to increase investments, and returning manufacturing to this country.\u00a0Decreasing the cost of energy is essential to reducing inflation.\u00a0The national debt crisis can only be solved by reducing the size of the federal government (e.g. abolishing the federal Department of Education and cutting the budgets of all federal agencies) and growing the economy by encouraging investment.<\/p>\n

We have a very clear choice in the upcoming election.\u00a0The fate of the economic survival of this country is on the ballot.\u00a0Time to face reality.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author: R. Alan Harrop, Ph.D We, the American taxpayers, need to be aware of the soaring national debt; primarily because we will ultimately suffer the consequences of this out-of-control spending.\u00a0Let\u2019s take a look at the facts.\u00a0I\u00a0strongly suggest that you sit … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[14945,12784,2103,5648,354,172,506,10836,15892,15654,11293,10670,11137,14460,14495],"class_list":["post-56288","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-alan-harrop","tag-democrat-platform","tag-federal-spending","tag-fossil-fuel","tag-government-regulations","tag-government-spending","tag-gross-domestic-product","tag-national-debt","tag-price-increase","tag-r-alan-harrop","tag-regulations","tag-student-loan-debt","tag-tax-cuts","tag-tax-on-unrealized-capital-gains","tag-wealth-tax"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/56288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56288"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/56288\/revisions"}],"predecessor-version":[{"id":56290,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/56288\/revisions\/56290"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}