Are we really adding $1 trillion in debt every 100 days in this country? 

March 7 – The answer to the question in the headline is yes. 

Each time the government faces the threat of a shutdown because there isn’t enough money to pay the bills, lawmakers figure out a way around it. 

But in the recent past, the “way around it” is apparently to just keep the spending going and increase the debt. 

Imagine doing this with your own home budget. If the idea makes you a little nauseous, you’re not alone. 

The United States is currently about $33 trillion in debt. 

Attorney Clint Barkdoll said, “Now, I don’t know what the average interest rate is on that debt because that’s in the form of all sorts of bonds and notes and T-Bills. But let’s say in the current environment, it’s even at 5% and that may be conservative. Well, even at 5%, it’s certainly well north of $1 trillion dollars, at least every year. But of course, as the debt keeps growing, so does that interest calculation and that collective debt isn’t factoring in just the day to day deficit spending that the government is doing. When Nikki Haley gave her departure speech yesterday morning, I’m going to give her credit for something. She hammered on this debt issue. She said that the national candidates are not talking enough about addressing the national debt and that’s a complaint I’ve had for years. Why don’t we hear more about this issue?”

Michele Jansen of NewsTalk 103.7FM noted, “Because we’re going to be broke. The fact that we don’t acknowledge it and the fact that we keep allowing this ridiculous spending at the federal and different state levels really shows that we have a severe lack of understanding of what this means for our future. I’m struck by the lack of economic knowledge among our legislators. I mean, it’s one thing to say the average person maybe doesn’t understand these things, but people actually passing laws for spending should understand these things. But there seems to just be a woeful lack of any comprehension of what this means for our future.”

Barkdoll said, “Here’s another layer to that that I feel like we hear nothing about. What are collectively known as the Trump tax cuts, that’s what we’re all living under now. You very rarely hear anyone point out that all of that is set to expire next year. That was in the original legislation, all of that sunsets at the end of 2025. As dysfunctional as our government is right now, if nothing is done, the entire tax code reverts to the pre-2017 Trump tax cut. So individuals, businesses, you name it, people could be in for a shock if it reverts to that old system. But again, I feel like you hear nothing about this. Here we are getting into March of 2024. I would think the president and Congress would be more engaged trying to get ahead of that issue, because that’s going to affect everybody in the country next year.”