As soon as interest rates seriously rise, it may just blow up in our face.

Maybe then America will start taking fiscal responsibility seriously again.

But that’ll be too little, too late.https://t.co/BEdpSMvzLE

— Brad Polumbo (@brad_polumbo) February 5, 2022

BASEDPolitics’ Brad Polumbo writes, “The national debt is back in the news after the federal government crossed a depressing threshold this week: $30 trillion in debt. This figure does rely on some weird logic, but the true debt is at least $23.4 trillion. So, it’s worth pointing out that if one small change happens, the growing national debt bomb could blow up in our face.

The debt always crowds out private sector investment and drags down economic growth. But right now, we aren’t feeling the pain of our mounting debt burden too much, because interest rates are at historic lows…

Some people think that today’s low interest rates mean it’s a great time for the federal government to borrow and spend massive amounts of money. But this is woefully misguided. The rates on the debt actually recalculate over time, so when interests rates go up in the future, all our past debt will soon become much more expensive and costly to manage.

American taxpayers are already spending $900 million every day just covering the interest payments on our existing debt.”

Read the entire column.

The post Why the $30 trillion national debt could soon blow up in our face appeared first on Liberty Tree.

The Washington Examiner’s (and Liberty Tree’s) Jack Hunter wrote in April 2020, “Exactly three weeks ago, Rep. Thomas Massie enraged all of Washington when he attempted to force a roll-call vote on the massive $2 trillion coronavirus relief package.

The libertarian-leaning Kentucky Republican’s move would have required members of Congress, including those who are elderly and among the most threatened by the novel coronavirus, to return to Washington. Massie was attacked and called a ‘Grandstander,’ ‘Un-American,’ and even a ‘Masshole’ by many high-ranking officials.

Watching advocates of the trillion-dollar-plus stimulus packages & policies passed under Trump and Biden now try to explain away the direct consequences of those bills is sadly comical.

I actively opposed the first $2 trillion dollar package, when no one else in Congress would.

— Thomas Massie (@RepThomasMassie) October 18, 2021

‘The tragedy of this bill is it’s a massive wealth transfer from the middle class to the moneyed class,’ Massie warned on March 30.

As many citizens received their stimulus payments this week, many also noticed that aspects of this aid looked rotten. For starters, while mom-and-pop restaurants battled to get their pieces of the $350 billion ‘Payback Protection Program,’ large chain restaurants got them first .

While small businesses of all types, from salons to bars to auto shops, waited for relief, some hedge funds had applied ahead of them for a loan . So many big businesses and others applied that by Thursday, the money ran out .

Many little guys are still desperately waiting. Still, the rich got theirs.”

Read the entire column.

The post I opposed the first $2 trillion dollar package when no one else would – now they complain appeared first on Liberty Tree.

“Biden keeps trying to sell his $5,000,000,000,000 social welfare bill as benefiting ‘the children.’

Seriously?

Who does he think is going to pay off this spending and debt? Not any of us. We will be dead.

Big heart, small brain Biden ignores the inescapable truth that the $3.5 trillion bill with all the ‘free stuff’ will be paid for by our kids and grandkids. https://t.co/puav7Ct6vY

— Senator Rand Paul (@RandPaul) September 23, 2021

CTUP in partnership with FreedomWorks has calculated how much every child born today would have to pay in higher taxes over the next 30 years if the Biden plan is enacted.

We will be bequeathing $300,000 of debt repayment to every child born today by 2050 in today’s dollars.

On behalf of my children and yours: gee, thanks, Joe.”

The post Biden wants to further bankrupt next generation with $3.5 trillion bill appeared first on Liberty Tree.

The New York Post reports, “Over 100 Republicans in the House are vowing in a new letter that they will not vote to increase the debt ceiling — calling the issue a ‘problem created by Democrat spending.”

Citing trillions of dollars of government spending proposed by Democrats, the 103 House Republicans promised not to increase the debt ceiling under any circumstance, according to the letter obtained by Fox News.

The House passed a $3.5T budget resolution without a single Republican vote. Every Democrat has to take ownership of their irresponsible government spending.

Pleased to join my colleagues in this effort. https://t.co/78p0Yk67lo

— Congresswoman Kat Cammack (@RepKatCammack) August 31, 2021

“Democrats have embarked on a massive and unprecedented deficit spending spree. Without a single Republican vote, they passed a $1.9 trillion ‘Covid relief’ bill in March even though $1 trillion was still unspent from previous bipartisan Covid relief bills,’ the letter said, also citing the recently passed $3.5 trillion budget resolution.

“In order for this spending to occur, our nation’s debt limit will have to be increased significantly,’ it continued. ‘Because Democrats are responsible for the spending, they need to take responsibility for increasing the debt ceiling.”

Read the entire story here.

The post Not a single House Republican voted for $3.5 trillion budget resolution. Democrats own this monstrosity appeared first on Liberty Tree.

Dems’ $3.5 trillion spending package would be ‘biggest expansion of government and the welfare state in American history’

FEE’s Brad Polumbo outlines how the Democrats’ current spending bill would dwarf even the New Deal.”

Polumbo writes, “On Tuesday, the House approved a $3.5 trillion spending resolution on a party-line vote, with Democrats backing the measure and Republicans uniformly opposing it.

He continues, ‘House Democrats passed a $3.5 trillion budget resolution on Tuesday, 220-212, advancing the party’s effort to pass a sweeping economic package that would expand the nation’s social safety net’ Axios reports. ‘Democrats now will be able to use the budget reconciliation process to pass a bill — likely later this fall — by a simple majority, tackling key priorities like health care, child care and climate change.”

BREAKING: House Democrats pass $3.5 trillion budget resolution https://t.co/OHHEjkTDGR

— Axios (@axios) August 24, 2021

“The expense here is truly mind-boggling” Polumbo notes. “Remember that this spending plan comes on the heels of more than $6 trillion in ostensibly-pandemic-related welfare spending and in addition to a $1+ trillion transportation infrastructure bill. And this is all in light of a $28.6 trillion—and counting—national debt. This additional $3.5 trillion bill amounts to, roughly estimated, about $24,400 in new spending per federal taxpayer.”

“If enacted, this plan would be one of the biggest expansions of government and the welfare state in American history,” Polumbo writes.

Read the entire column here.

The post Dems’ $3.5 trillion spending package would be ‘biggest expansion of government and the welfare state in American history’ appeared first on Liberty Tree.

Your grandkids will still be paying for the U.S. war in Afghanistan

The final price tag for the wars in Iraq and Afghanistan could exceed $6 trillion—thanks to the power of interest—with American taxpayers still paying the tab when the 50th anniversary of 9/11 arrives.https://t.co/AP6LnD3iBw

— Eric Boehm (@EricBoehm87) August 18, 2021

Reason’s Eric Boehm explains why we will still be paying for America’s longest war for a very long time.

“We may finally be nearing the end of America’s long military misadventure in Afghanistan—but we are a long way from being done paying for it,” Boehm writes.

He continues, “The post-9/11 wars begun by President George W. Bush and carried on by three subsequent administrations were largely financed by adding the cost to America’s national debt. That means that the official cost of the wars in Afghanistan and Iraq—about $2.26 trillion, though the Pentagon’s accounting is famously fuzzy—doesn’t tell the whole story.”

“The costs of these wars continue long after we withdraw, since they are debt-financed and we will be paying interest on that debt for years—even decades—to come,’ Heidi Peltier, project director for the Costs of War Project at Boston University, tells Reason.
Peltier’s research shows that the interest costs of the post-9/11 wars in Afghanistan and Iraq had already topped $1 trillion,” Boehm notes.

Boehm continues (emphasis added), “By the end of the current decade, interest on the war debt will likely exceed the final official tally of the wars’ cost. And the final price tag for those operations could eventually exceed $6 trillion—with American taxpayers still paying the tab when the 50th anniversary of 9/11 arrives.”

Read the entire column here.

The post Your grandkids will still be paying for the U.S. war in Afghanistan appeared first on Liberty Tree.