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Why Republicans Should Refuse to Raise the Debt Limit Without Massive Spending Reductions

By April 19, 2023Commentary

Most Americans are oblivious to how bad our federal fiscal situation is.  Democrats do everything they can to ignore the problem, since they largely caused it, although Republicans have been complicit.  Our debt is completely unmanageable and the current Presidementia just keeps spending money he doesn’t have.  Just like he does personally, knowing he can always take a few million in bribes from China if he needs more.  In any event, 2023 is shaping up to be an ugly year, which should make Republicans hold extremely firm on major spending reductions  before they agree to lift the debt limit.  The way we are going we will default sooner or later anyhow, better to face the reckoning now.

For the first half of fiscal 2023, the already massive deficit ballooned by over $430 billion compared to the same period in 2022.  It was $1.1 trillion, so we are on our way to a $2 trillion annual deficit.  Why?  Because spending rose 13%, and ominously, revenue dropped by 3%.  And what was a major factor in the increased spending?  Higher interest  payments on our huge and growing pile of debt.  Exactly what I and others have warned about.  The high debt will cause high interest rates for a long time, which contributes to inflation and slower economic growth.  Welcome to the progressive era of no economic growth, high inflation, lower real incomes; in short, the greatly reduced quality of life they want for everyone.  (Fox Story)   Here is a great source to really understand our debt and defiicit problem and what it means for all of us.  (PPF Link)

The Presidementia, a congenital liar, although now it is unlikely he has a clue what is real or true, said his budget would cut the deficit.  Ha, ha, ha, that is a good one.

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