Unfortunately, my fellow taxpayers, the national debt continues to climb, hitting a staggering $36.2 trillion as of Jan. 31. This is why Donald Trump’s plans to slash wasteful government spending are so vital.
We hope that Trump’s new Department of Government Efficiency (DOGE) and the newly Republican-majority Congress can actually make a dent in the horrendous amount of wasteful, unconstitutional, and unfordable federal government spending. We saw under the Biden-Harris administration how the U.S. dollar started to lose it status as world reserve currency, and how much it was weakened by inflation. Drastic action is needed to halt that dangerous trend. The government cannot keep increasing spending indefinitely without serious consequences.
Indeed, according to Fox Business, which reported the Jan. 31 debt numbers from the U.S. Treasury, interest payments alone on the federal debt for this fiscal year, which started back in October, exceed the budgets for defense and Medicare. That’s horrifying. Fox noted that economists have critiqued the “torrid pace of spending by Congress and the White House,” which will, one hopes, start to change under new leadership this year.
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Fox Business explained:
The national debt — which measures what the U.S. owes its creditors — rose to $36,221,443,082,611.85 as of January 31st, according to the latest numbers published by the Treasury Department. That is up about $2.3 billion from the figure reported the previous day.
By comparison, just four decades ago, the national debt hovered around $907 billion... The latest findings from the Congressional Budget Office indicate that the national debt will grow to an astonishing $54 trillion in the next decade, the result of an aging population and fishing federal health care costs. Higher interest rates are also compounding the pain of higher debt.
That level of debt, if the prediction is accurate, could put America's global economic standing at risk, even more than Bidenomics did over the last four years. Fitch Ratings downgraded the USA’s longterm credit score back in 2023, amid financial difficulties exacerbated and fueled by politicians’ bad policies. Too often, congressional Republicans (including House Speaker Mike Johnson) have acquiesced in Democrats’ spending sprees, and that is totally irresponsible.
Here's why the debt-fueled GDP "growth" isn't sustainable: the drivers of economic growth have lagged way below their pre-pandemic trend and didn't even grow last quarter; we're borrowing from the future to pretend the present is improving... pic.twitter.com/Zh1MOUQzvE
— E.J. Antoni, Ph.D. (@RealEJAntoni) January 30, 2025
For Our VIPs: This Day in History and Democrats’ Enduring Elitism
“America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation,” said Michael Peterson, CEO of the Peter G. Peterson Foundation. “This is not the future any of us want, and it’s no way to run a great nation like ours.”
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