Jul 8, 2024 by AFP

Here’s some life advice that has escaped Washington: Don’t live beyond your means. It’s a simple rule that everyone knows—everyone except the federal government, which is projected to add a whopping $1.9 trillion this year to our already colossal national debt.

Although most of this deficit is caused by laws passed years ago; President Biden and his friends in Capitol Hill sure did their part to put America’s financial health at risk. They’ve approved at least $5.5 trillion in new spending, funded irresponsible programs like the student debt bailout, borrowed trillions of dollars, and caused our lives to cost much more than before.

Instead of taking this problem seriously and bringing some much-needed fiscal responsibility to our government’s finances. Biden and his friends did the opposite.

Biden and other Washington politicians handle our national finances with the responsibility of a shopaholic teenager,  maxing out our credit cards and adding a deficit the size of South Korea’s economy to our already colossal national debt. If we managed our finances like Washington handles the government’s finances, we would all be broke.

A trillion dollars is a complex number to grasp, and Washington has spent so many trillions of dollars that we have grown numb to astronomical spending.

However, here are some numbers that show the sheer size of Washington’s irresponsible economic decisions:

  • Our $1.9 trillion deficit is bigger than the economies of Spain, Indonesia, the Netherlands, Saudi Arabia, and Switzerland.
  • If America’s 2023 deficit were an economy, it would be the 15th largest economy in the world.
  • If everyone in America pitches in to pay the deficit, they would pay $5,654 each to cover reckless spending.
  • Our 2023 deficit would be enough money to pay for more than six Apollo programs.
  • If we printed a trillion one-dollar bills and stacked them, the pile of cash would be 67,866 miles high, towering well into space.
  • If instead of stacking one trillion bills, we laid them end-to-end, our belt of dollars would be enough to go from the Earth to the Sun—our deficit belt would be enough to go to the Sun and back.

While these comparisons might sound ridiculous and theoretical, the consequences of Biden’s irresponsible decisions are very real. One that Americans will pay dearly for

Every dollar Washington spends above its means is a dollar we add to the national debt—dollars Americans must pay, either in higher taxes or higher prices.

Americans pay this terrifying bill already. Washington spent nearly 11% of the 2023 federal spending just for interest on the debt.

America cannot afford reckless spending. We need Washington to bring order back to the national books.