Poor fiscal policies come with consequences. Reckless spending comes with consequences as well. As the American economy works to tackle staffing shortages, an inflation crisis, and more, the ugly consequences are rearing their heads.
Democrats are infamous for running up the national deficit and spending like there’s no tomorrow. Despite warnings from fiscal conservatives and Republican lawmakers, Democrats continue ahead spending and oblivious to the consequences.
Nevertheless, the bill always comes due. Recently, the United States learned that the debt limit is approaching. In fact, it’s approaching sooner than some people might have anticipated. According to Fox Business, America could reach its debt limit by the middle of next month.
The Reality of Debt and Spending in the United States
According to economists and a think tank out of Washington D.C., the nation’s economy could be in for some tough breaks. The aforementioned officials note that by the time the middle of October arrives, America could become unable to foot necessary bills.
Congress has been in growing debates regarding the debt limit; however, this latest report shows that time is of the essence. The federal bills that the United States could soon run out of money to pay include paychecks for U.S. service members, child tax credits, retirement benefits, etc.
You literally want access to our bank accounts. Nah.
— Brandi Hitchcock (@brandidswinney) September 26, 2021
What’s being considered as a possibility now is either heightening the debt limit or slashing it altogether. If no solution is found, then rates of interest will surge; moreover, the Treasury Department would be unable to make critical payments.
Cutting Back on Spending
One way or another, the federal government will have to cut back on spending. This can happen voluntarily by leaders in Washington D.C. reducing the funds they want to throw towards various social programs and pet projects.
Also, spending cuts can happen involuntarily where the U.S. runs out of money to pay necessary bills, prompting an even greater economic crisis than the one that presently exists. Obviously, the former is preferable to the latter.
"Biden got 81.2 million votes."
"The $3.5 trillion agenda won't add anything to the debt."
— thebradfordfile (@thebradfordfile) September 26, 2021
Had Biden and Democrats in Congress been even a tad bit more conservative with their spending, America wouldn’t be in this current mess. Democrats lack either the knowledge or the care about the reality that running up the deficit cannot go on indefinitely.
The fact that America is facing this type of problem is merely another notch on the list of President Biden’s failures. It’s a list that keeps on growing and even Democrats are beginning to call out Biden on some of his problems.
This is a president who has managed to ruin every single thing he touches. At this point, there is absolutely no telling what Biden will manage to damage next.
Do you think the United States will run out of funds? Let us know in the comments section below.