President Joe Biden and House Speaker Kevin McCarthy spent weeks of negotiating to authorize $4 trillion in new deficit spending over the next two years. This means that our national debt will be $35 trillion in 2025. The interest cost will be up to $1.4 trillion annually, only a small amount less than the current cost of national defense and Social Security combined. This staggering debt undermines the future prosperity of every American.
Federal spending contributes to a sense of entitlement, including for every person receiving federal largesse.
Think of the adverse impact of federal student loans.
The purported work requirements now have expanded exemptions, which probably means fewer recipients are working and explains why the workforce participation rate is declining - it is now 62.6 percent, compared to China's 67 percent.
Many will cheer the end to the debt crisis, but our federal government now consumes 23.7 percent of gross domestic product.
Since 2019, the federal budget has increased by 40 percent, but our GDP has only grown by about 10 percent.
Regulators are off work at 3:30 p.m., and many are already home because only about one-third of federal workers are at the office on any given day.
Working middle-class Americans are punished by high taxes to provide federal largesse to those who don't work.
https://spectator.org/the-real-cost-of-the-debt-ceiling-deal/
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