Annie Peterson | Civil Patriot
Remember playing Monopoly as a kid? It felt so good to hold all of that money in your hands, even if it wasn’t real.
That must be what it feels like to be a politician in D.C. these days. They shuffle around a lot of money—trillions, to be specific—and none of it is real.
According to the U.S. National Debt Clock the U.S. is nearly $30 trillion in debt.
At the time of the writing of this article, that broke down to $85,000 per citizen and $223,000 per taxpayer.
So, that $1.9 trillion stimulus bill that Congress just passed, the one that is filled with enough pork to feed all the BBQ lovers in Memphis? It isn’t made of real money.
It’s Monopoly money, folks.
And this is a terrible, terrible time for the U.S. to be shuffling around fake money.
Thanks to the COVID pandemic, the U.S. GDP is suffering its worst decline in history. According to the Peter G. Peterson Foundation:
America’s growing debt is the result of simple math — each year, there is a mismatch between spending and revenues. When the federal government spends more than it takes in, we have to borrow money to cover that annual deficit. And each year’s deficit adds to our growing national debt. Historically, our largest deficits were caused by increased spending around national emergencies like major wars or the Great Depression.
Today, our deficits are caused mainly by predictable structural factors: our aging baby-boom generation, rising healthcare costs, and a tax system that does not bring in enough money to pay for what the government has promised its citizens.
The site goes on to explain that the coronavirus crisis has accelerated the problem because of its terrible effects on the economy and the legislative response (the stimulus bills).
Which leads me to my next point. I spoke with a family member this week. She’s excited about stimulus monies landing in her bank account this week. With a family of five, she will see a $7k deposit. And with the added tax credit, her little family will feel tremendous relief all spring, possibly into the summer.
It’s a conundrum. That money will be poured back into the economy, which is good. But, it’s Monopoly money. It’s borrowed. Not real. Not ours. It’s the equivalent of putting $1.9 trillion on a credit card and then waiting for decades to pay it back.
Sooner or later moves like this are going to catch up with us.
Here’s my question: How do we fix this? Or, do we ever fix it? Do we just go on forever acquiring more debt?
I know what it’s like to live in debt. Many years ago I found myself in over my head. It’s a terrible feeling. Turning things around took sacrifice, hard work, and a plan. A solid plan.
I don’t know about you, but I don’t want to leave this problem for my children and grandchildren to fix. So, I hope and pray we’ll come up with a plan soon, before it’s too late.