Reverse The Curse
Mr. Speaker, I thank my good friend, Mr. Arrington. I wish I had a witty sports rejoinder from Michigan to Texas, but I utterly lack that. Mr. Speaker, I rise today to address the deeply troubling state of our Nation's finances. As Mr.…
Mr. Speaker, I thank my good friend, Mr. Arrington. I wish I had a witty sports rejoinder from Michigan to Texas, but I utterly lack that.
Mr. Speaker, I rise today to address the deeply troubling state of our Nation's finances. As Mr. Arrington has pointed out, at this moment, the U.S. public debt stands at nearly $31 trillion or 122 percent of our Gross Domestic Product. Total debt service on this as of August of this year was $677 billion, which is more than we spent on national defense in the 2017 fiscal year.
To put it another way, this current administration, despite all of this, does not seem worried. In fact, they are enacting policies that will only grow and exacerbate this problem.
This administration, with the assistance of the Senate and House counterparts, passed both the American Rescue Plan and the oxymoronically named Inflation Reduction Act through reconciliation with absolutely zero communication across the aisle.
Still, not satisfied with what they have been able to spend on a strictly partisan basis in Congress, the administration has arrogated to itself sweeping fiscal powers under a national emergency which it continues to extend, not because the actual emergency persists, as the President has mentioned that the pandemic is over, but because they need the money. And that is what the administration has chosen to do.
Our question is: With these emergency powers, what is their goal?
It is engineering one of the largest upward transfers of wealth in the Nation's history. It is spending $400 billion--that is almost 2 percent of GDP--to pay down the loans of those who attended college.
It is important to keep in mind in the United States, the median household income of a college graduate is over $100,000, significantly higher than the median income of the American taxpayer, and nearly twice the median household income of a family in my district.
Why are they doing this? Have college graduates been disproportionately affected by this pandemic?
No, quite the opposite.
College grads have done relatively well compared to the rest of the country, many of whom could Zoom into work. They had the option of working remotely. They were not laid off en masse.
The reason the Biden administration is choosing to do this is because it is what the Democratic Party does. They use control of the ever- growing State to tax their enemies and pay their friends.
President Biden, facing a historically unpopular moment, has a base that is apathetic because he has failed to deliver the unrealizable promises that he made.
So the answer? A 2 percent of GDP gift to drive them to the polls. It is that simple.
After all this, there will still be losses, but once again, we will achieve nothing. And once again, we will have a bill that we will foot for decades to come.
We must put an end to this type of governing.