For the first time in the nation’s history, the national debt reached an unprecedented amount, as the Biden-Harris Administration continued to fund foreign wars before their time in the White House ended.
The United States national debt surpassed a whopping $36 trillion this week, just over three months since the previous milestone was reached at the end of July.
The mounting debt continues to affect every American, whether at the gas pump, the grocery store, or for everyday necessities. The country’s debt is so astronomical that it may be difficult for Americans to understand its implications. In lament terms, the rising debt caused by reckless spending will threaten the U.S.’s economic future and opportunities.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB), told Fox Business that it's alarming that our country’s current leadership lacks the seriousness to address the issue.
Republican Sen. Rick Scott (R-FL) criticized the Biden-Harris Administration for continually spending money the U.S. does not have.
Our national debt just surpassed $36 TRILLION & the Biden-Harris admin continues spending money we don’t have.
— Rick Scott (@SenRickScott) November 22, 2024
Nobody in their right mind would agree to this! The reckless spending MUST END. pic.twitter.com/5mNaKj9ZFq
The nation is on pace to spend $1.4 trillion in the 2025 fiscal year. Roughly 25 percent of the federal government’s revenue will pay interest on the debt.
Sen. Rand Paul (R-Ky.) blamed high prices and insurmountable debt on President Joe Biden and Vice President Kamala Harris as they plan to fork over another $4.65 billion check to Ukraine into a years-long ongoing war with Russia, all while neglecting border security and American citizens.
Americans all across the United States are grappling with high prices and their own debt thanks to four years of the Biden-Harris Administration, all while the U.S. national debt has hit a record $36 trillion, and we cannot afford a $4.65 billion dollar gift to Ukraine. Senators… pic.twitter.com/UFnXQcyCGJ
— Senator Rand Paul (@SenRandPaul) November 21, 2024
According to The Finance Newsletter, in 30 years, one million dollars will only be worth:$412,000 at three percent inflation, $308,000 at four percent inflation, and $231,000 at five percent inflation.
This comes as Biden works to funnel more than four billion dollars into Ukraine before his time in the White House is up at the expense of U.S. taxpayers. His plan would result in the burden falling onto the shoulders of hardworking Americans who are already struggling with inflation.
However, that will all change as soon as President-elect Donald Trump takes office. There will no longer be a Ukraine-first, American-last leadership.