• Back To The Future - It's All About The Debt

    October 10, 2023

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    After tangling with the prospect of another Federal partial shutdown, Kevin McCarthy averted it, and lost a nine-month running argument and his Speakership in the process. Actually, the argument is 15 years in the making, and now is ripening to the point at which it cannot be avoided. 

    In the midst of the ’08 financial crisis, federal debt was rapidly expanded to provide the financial system the liquidity necessary to weather the crisis.  The national debt was about $10 trillion coming out of the crisis, and the Obama Administration withstood relentless, multi-cycle pressure from congressional conservatives to return the budget to a sound footing. But Obama’s economic team, with united support from congressional Democrats, refused to return the federal budget to pre-crisis levels. Hence the Obama years saw annual trillion-dollar deficits, requiring annual trillion-dollar debt issuance - and the national debt was doubled to $20 trillion when he left office. 

    The early Trump years saw a leveling of deficits but the debt issuance continued apace until it exploded with federal financial rescue and payment protection programs during the Pandemic. But again, in the last couple years we have seen Biden and the Democrats refuse to return to pre-Pandemic spending levels. The result is a national debt now at $33 trillion, with federal spending which bakes-in at least $2 trillion annual deficits/debt for as far as the eye can see (we take in about $5 trillion in taxes annually and now spend $7 trillion).

    Any oxygen-breathing American can see that endless $2 trillion annual additions to the national debt can only lead to national economic collapse. 

    But evidently, Jim Himes and the Democrats refuse to breath oxygen. The Democrat House and Senate caucuses have explicitly refused to face reality. They’ll agree to nothing but “continuing budget resolutions,” which are NOT budgets, and which maintain the current pace of debt increases. House Freedom Caucus members are insisting on a normal budget process, with individual spending bills, subject to public hearings... something that hasn’t happened in congress in about 15 years. They recognize they cannot bend the Democrats to face economic reality, but regardless, they're insisting this time – hence the log-jam.

    Since the mainstream press organs and corporate media benefit from the status-quo, they will not report on the reality of the financial peril we are already in. When the government is borrowing and printing the money necessary to finance the rapidly rising monthly federal debt interest payments, one could say the nation is already in bankruptcy – the government just won’t admit it... they NEVER will. 

    Instead, the media spins up endless stories about personalities and political gambits. They’re a massive diversion – the modern equivalent of “bread and circuses” for the masses. Ignore the diversions. No one on talking-head TV will illuminate the immediate peril, and expose it for the fundamental subversion of our Republic that it is.  Yes – there sure are sparks when someone throws on the brakes!

    Last Saturday, Jim Himes held two more, in his endless stream of thoroughly innocuous town halls – I went to the one in Trumbull. As usual, he nods his head to all sides of the issues and commits to, and stands for - nothing. The closest this man got to addressing the deficits and debt was to say that at some point “the dials on Social Security will have to be re-calibrated” – yep – let the spenda-palooza continue.  He offered no solution to the runaway debt catastrophe... he never does.

    Jim Himes has voted for $21 trillion of the $33 trillion national debt over the past 15 years. That equates to $187,000 of debt per 4th District household – all ladled onto our backs and crushing our household budgets, by a man hired to “represent” us. Himes has voted us across the Rubicon, from a place in 2009 where we could still manage the debt, to our current crisis, where it can no longer be financed without printing new money to make the interest payments. He has literally voted the country into bankruptcy. The 2024 election will be a referendum on this man’s failed 15-year rule. 

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    Bob MacGuffie

    Bob MacGuffie is currently seeking the Republican congressional nomination to oppose Jim Himes in the 2024 election: www.bobmacforcongress.com

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