What I’m referring to here is the National Debt, and how we could possibly, at least, slow down the pace as this debt grows higher and higher by the minute.
You can check out the “Debt Clock” at https://www.usdebtclock.org/
The speed at which OUR debt grows is really sickening.
Our debt currently grows at a rate of about 3.5 billion dollars a day.
And we waste a sickening amount of our money paying off the interest on our debt alone.
So what can we do about this situation?
The answer is currently, not much.
Historically, politicians are not known for being fiscally responsible.
After all, they’re not spending their own money…, they’re spending ours!
And proposing to reduce the spending, or even reduce the rate of growth, on entitlement programs is usually a “kiss of death” regarding their re-election.
But the bottom line is something needs to be done about the national debt eventually.
I mean, how large are we going to let it grow before it becomes unacceptable?
What comes after $999 trillion?
A quadrillion dollars.
The fact that I’m even “going there” is scary.
Please refer to my blog from March 20, 2019: Our national debt is a national disgrace! https://mrericksonrules.com/2019/03/20/our-national-debt-is-a-national-disgrace/
So again, what can we do about this situation?
President Trump, by virtue of his 2020 Budget, is signaling that he wants the federal government to be more fiscally responsible and more debt conscious.
I have a suggestion, however, that I haven’t heard anyone else talk about yet.
We all know that President Trump is all about deal making.
I would like to see President Trump include portions of our National Debt as bargaining chips in his negotiations with other countries.
President Trump could “trade” military protection, economic considerations, or any other types of “consideration” in return for forgiveness and/or assumption of some our National Debt.
I feel this would be the most painless way to actually start putting a dent into our National Debt without cutting programs or raising taxes.
And as with all loans…, what is the best way to attack your debt?
By paying down the principal!
That, of course, lowers your actual debt, first of all…, but it then also lowers the amount of interest you’re paying.
It’s a win-win-win situation…, and we don’t see many of those types of situations very often.
What do you think?
I value your feedback and I’d love to hear from you!
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