Democrats doubled our national debt from $10 trillion to $20 trillion over eight years under President Barack Obama. Republicans under President Donald Trump added $2 trillion more over the past two years.
Will we ever learn from past mistakes and attempt to reduce both borrowing and long-term debt, instead of allowing them to grow yearly?
The new $22 trillion federal debt is going to grow $1 trillion annually for years to come. Under the new budget deal for federal fiscal years 2021 and 2022, it will grow by $2 trillion. This inheritance could bankrupt future generations.
Return to pay-as-you-go budgeting, means testing for all government assistance programs, and real balanced budgets without smoke and mirrors.
Everything needs to be on the table, including the infamous “third rails” of American politics — Medicare, Medicaid and Social Security - along with military spending, agricultural subsidies and corporate welfare bailouts.
How ironic that after winning the Cold War against the evil empire of Communism, it may be mismanagement of our economy that defeats us in the end.