by Frank Holmes, reporter
If President Biden gets his way in the debt limit showdown with Republicans, get out your wallets.
The president has already buried Americans beneath so much debt that a congresswoman from the former Soviet Union has warned Biden’s putting the U.S. on the road to socialism.
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Now, Biden has unleashed his plan to deal with the debt: higher taxes and lower Social Security payments. Americans, especially senior citizens, will feel real pain if the Republicans don’t demand the White House cut the massive, bloated budgets fast.
Biden has already piled more than $11,000 of debt on the shoulders of every single American family. The federal debt increased by $1.8 trillion in 2022.
“According to the Bureau of Labor Statistics, there were 158,470,000 people employed in this country,” wrote Terrence Jeffrey at The Daily Signal. “That means that the $1,802,474,565,506.15 increase in the federal debt in calendar 2022 equaled approximately $11,374 for each of those” U.S. workers.
To make matters worse, he’s not done yet. Last March, Biden’s proposed federal budget would take the government out for another expensive night on the town—at your grandchildren’s expense.
Biden’s budget, if adopted, projects that the national debt will increase to $44.79 trillion by 2032. That’s an increase of $16.411 trillion — or 57.8 percent of the total U.S. debt. Biden would add more than half of all the debt the U.S. ran up from George Washington until Biden took office over the next 10 years… in addition to the $11,374 he added for every gainfully employed U.S. worker last year.
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That spike in debt has Americans worried sick over the future of their country. A Rasmussen survey taken earlier this month found that 87 percent of Republicans, 67 percent of Democrats, and 73 percent of registered independents are concerned about the national debt — and they have reason to be.
“America’s national debt is approximately 122 percent of the gross domestic product (GDP), meaning the government owes more than the population produces,” wrote former congressman and presidential candidate Ron Paul. “Government spending steals resources from the private sector. Thus, there is less capital available for private businesses to grow and create new jobs.”
Paul warned us that every dollar of debt squeezes a few dollars out of your salary or costs someone else their job altogether.
The nation has reached the $31.4 trillion debt ceiling, and Congress needs to vote once again to raise the debt limit. Usually, Republicans ask for spending cuts as a condition of raising the debt… but Joe Biden doesn’t want to entertain the idea.
Instead, he wants tax hikes and cuts for programs that benefit the elderly.
“We’ve got to do something about Social Security and Medicaid,” said Biden — although he likely meant Medicare, the old age medical program set to go bankrupt in the next five years. “There’s a lot of things we can do,” he said, with a gleam in his eye.
His other idea? Raising a tax on billionaires. Biden also promised not to raise taxes on anyone who makes more than $400,000 a year — a promise he immediately broke.
That’s why the American people want the GOP to put the brakes on Biden’s spending spree. A separate poll from Rasmussen Reports found that 56 percent of voters from all parties combined — and exactly 56 percent of independent voters, as well — would prefer to have at least a partial government shutdown rather than let Washington get away with business as usual on spending.
They want spending cuts, not tax increases. Two-thirds of people who took the survey said the reason our government is overextended is “politicians’ unwillingness to reduce government spending,” while only one in every five believe that “taxpayers are more to blame for the size of the deficit.”
Even 52 percent of Democrats said spending drives the federal deficit, so House leaders could use leverage within Biden’s own party to force spending cuts if they want.
At least one person in the room is warning Speaker of the House Kevin McCarthy, R-Calif., he’d better propose discretionary spending cuts, or entitlement program reforms fast — or America could become a socialist country…and she knows what she’s talking about.
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“Republicans need to grow a backbone and pass some real reforms, or we will end up with socialism,” said Rep. Victoria Spartz, R-Ind., who grew up in Communist Ukraine. “Huge amounts of politically directed spending and crony capitalism have created a significant oligopoly problem in nearly every market sector—not much different from oligarchs ruling in post-socialist countries.”
Then again, the way they do things in Ukraine has always benefited Biden’s family.
Frank Holmes is a veteran journalist and an outspoken conservative that talks about the news that was in his weekly article, “On The Holmes Front.”