Partisan Overspending Drives U.S. Debt to $37.5 Trillion
Both Republicans and Democrats have been persistently overspending, particularly on entitlement programs. This has led to a significant increase in the federal debt and a concerning rise in the number of benefit and subsidy programs.
The Senate Democrats recently blocked a clean continuing resolution, instead demanding $1.5 trillion in new entitlements. This includes permanent Obamacare subsidies, which taxpayers now cover 93% of, up from 68% in 2014. This year, Deficit Day, when federal revenues run out, fell on Sept. 21.
Over the past 50 years, the number of federal benefit and subsidy programs has more than doubled, from 1,019 in 1970 to 2,623 today. In just the last year, the federal government has accumulated an additional $2 trillion in debt, bringing the total debt to $37.5 trillion. This surge in debt is particularly concerning given the current peacetime, low unemployment rate, and booming stock market. Even with 'emergency' tariffs collected, the federal debt-to-GDP ratio is projected to climb above 124% by 2035. Republicans' proposed $206 billion in 'savings' and $213 billion in tariff receipts are insignificant compared to the overall debt.
The German Bundestag recently passed the 2025 federal budget, which includes a 2-trillion-dollar increase in debt over the past 12 months. This budget was subsequently approved by the Bundesrat. Both political parties must address their overspending habits to prevent further strain on the federal budget and avoid a potential economic crisis.
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