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Friday, October 4, 2024 - 02:04 PM

INDEPENDENT CONSERVATIVE VOICE OF UPSTATE SOUTH CAROLINA

First Published in 1994

INDEPENDENT CONSERVATIVE VOICE OF
UPSTATE SOUTH CAROLINA

When the history of this American era is written, the top headline will not be about election controversies or critical race theory or even COVID-19. This will be known most of all as the era when America sold out its future generations. This week, America's national debt surpassed $30 trillion for the first time, a full $7 trillion increase from just two years ago.

How did this happen, and who's to blame? President Bill Clinton was no deficit hawk, but with a Republican Congress keeping him largely in line and with the dot-com boom providing record government revenues, Clinton gets a pass. His eight years added to the deficit, but not by much by today's standards. As measured against the size of the U.S. economy, the debt ratio actually went down under Clinton.

The real debt explosion happened on the watch of the four presidents in the 22 years since Clinton, two Republicans and two Democrats. There were plenty of emergencies during these 22 years to justify huge and often wasteful spending binges (the war in the Middle East, Hurricane Katrina, the financial crisis, COVID-19). Regardless, the result of this 22-year period was an increase in the national debt from just under $6 trillion (55% the size of the U.S. economy at the time) at the start of the Bush years to $30 trillion (130% the size of the U.S. economy) today. And this deficit spending binge shows no signs of receding. In 2021 alone, the US added nearly $3 trillion to its national debt -- about 12.5% of the entire American economy.

Dwarfing the role of the often-wasteful spending programs of the last four presidents, the bulk of America's debt problem is driven by Social Security and Medicare. These programs, offering retirement and health care entitlements for all Americans, accounted for a full 25% of all federal spending in 2021. As more baby boomers hit retirement and less Americans work, without reforms, the debt impact of these programs is set to explode.

Why does all this matter? In 2021, the federal government spent $300 billion on debt interest alone. That is $2,400 for every household in America. With the inflation America is seeing under President Joe Biden's watch, interest rates are going up. For every 1% increase in interest rates, at today's debt levels, the federal government will pay another $225 billion in annual interest. With just a 2% rise in interest rates, the federal government will pay more each year on debt interest that it does on national defense.

It's easy to blame politicians for America's debt-ridden predicament. They deserve a lot of blame -- maybe none more than Republicans who campaigned as the party of limited government and spending restraint while governing as just the opposite.

The deeper truth is that we are all to blame. The facts are clear. The facts have been clear for decades now, but there has been no national will to take on the debt problem. Politicians who tried to broach the topic were punished, George W. Bush's attempt at Social Security reform being the most obvious example.

Americans have enjoyed the benefits of relatively low taxes along with lavish government spending. Rather than sound the alarm, America's elites on Wall Street and in big business, those who claim to know better, have led the pack for increased government spending. It has helped their short-term bottom lines. The media is also to blame. When Biden uses budget gimmicks to pretend his so-called Build Back Better program won't add to the debt, the media largely lets it go.

America's looming fiscal catastrophe used to be decades away. The boom in spending in recent years has accelerated the timeline. The net effect will be a decline in American national power. The beneficiaries will be America's adversaries, particularly China. How can America effectively check increased Chinese aggression in their region and beyond if the debt starts limiting spending on national defense? This is the world we are leaving for our kids.

Is there any solution today? The first step is to stop the bleeding. Biden's new debt-financed entitlement spending proposals are not responsible at today's debt levels. Luckily, it seems Sen. Joe Manchin understands this.

The next step, which we are nowhere close to, is to acknowledge the problem and begin discussing solutions. America needs a national leader strong enough to step forward and say enough is enough. It is flat-out immoral to burden future generations of Americans the way we are doing.

Will anyone listen to real talk like this? There's some evidence there's a chance. Huge numbers of Americans feel like we are a country in decline. They are longing for change. There's a chance that they could reward someone strong enough to park all the phony political speak and tell the truth.

There is also a real-world example. Back in 1992, when the national debt was only $4 trillion (60% the size of the U.S. economy then), billionaire Ross Perot mounted the most successful third-party Presidential candidacy in modern history, largely on a platform of American renewal and real talk about the debt problems. Perot got nearly 20% of the popular vote even after pausing his campaign until only a month before Election Day. Perot was ahead of his time. He had identified the problems, but back then, America had decades to fix them. Today, a strong case can be made that unless reforms are put in place soon, the results could be catastrophic. Is this likely to work? Probably not, but given the national mood and the near breakdown in American politics, maybe. More importantly, there is no better option on the table. Given the repercussions of just staying on the course to disaster, it seems worth a shot.

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Neil Patel co-founded The Daily Caller, one of America's fastest-growing online news outlets, which regularly breaks news and distributes it to over 15 million monthly readers. Patel also co-founded The Daily Caller News Foundation, a nonprofit news company that trains journalists, produces fact-checks and conducts longer-term investigative reporting. The Daily Caller News Foundation licenses its content free of charge to over 300 news outlets, reaching potentially hundreds of millions of people per month. To find out more about Neil Patel and read features by other Creators writers and cartoonists, visit the Creators website at www.creators.com

COPYRIGHT 2022 CREATORS.COM

 

Tucker Carlson and Neil Patel

Tucker Carlson currently hosts Fox News’ “Tucker Carlson Tonight” (weekdays 8 p.m. ET). He joined the network in 2009 as a contributor.

“Tucker Carlson Tonight” features powerful analysis and spirited debates, with guests from across the political and cultural spectrum. Carlson brings his signature style to tackle issues largely uncovered by the media in every corner of the United States, challenging political correctness with a "Campus Craziness" segment and tackling media bias and outrage during "Twitter Storm."

Carlson co-hosted “Fox & Friends Weekend” starting in 2012, until taking on his current role at “Tucker Carlson Tonight.”

While at Fox News, Carlson has provided analysis for “America's Election Headquarters” on primary and caucus nights, including in the 2016 and 2012 presidential elections, as well as the 2014 midterm election. He also produced a Fox News special, "Fighting for Our Children's Minds," in 2010.

Prior to working at Fox News, Carlson hosted “Tucker Carlson: Unfiltered” on PBS from 2004 to 2005 and “Tucker” on MSNBC from 2005 to 2008. He joined CNN in 2000 as its youngest anchor ever, co-hosting “The Spin Room” and later CNN's “Crossfire,” until its 2005 cancellation. In 2003, he wrote an autobiography about his cable news experience titled "Politicians, Partisans and Parasites: My Adventures in Cable News."

Carlson graduated with a B.A. in history from Trinity College in Connecticut.

Neil Patel

In addition to his role as publisher of The Daily Caller, Neil Patel is co-founder and managing director of Bluebird Asset Management, a hedge fund investing in mortgage-backed securities.

Before starting his two companies, Neil served in the White House from 2005 to 2009 as the chief policy adviser to Vice President Dick Cheney. From 2001 to 2004, Neil was staff secretary to Vice President Cheney. Prior to joining the Bush administration, Neil was assistant general counsel at UUNET Technologies. Earlier in his career, Neil practiced law with Dechert Price & Rhoads. He also served as Counsel to the U.S. House of Representatives Select Committee on U.S. National Security and Military/Commercial Concerns with the People’s Republic of China. 

Neil received his B.A. from Trinity College in Connecticut and his J.D. from the Georgetown University Law Center, where he served as associate editor of the Journal of Law and Policy in International Business.

Neil lives in Washington, D.C., and Jackson Hole, Wyoming, with his wife, Amy, their two daughters, Caroline and Bela, and their son, Charlie.

COPYRIGHT 2019 CREATORS.COM