National Debt Soars to Nearly $31 Trillion | Eastern North Carolina Now | Americans facing largest national debt ever, just as Biden announces student loan forgiveness

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the John Locke Foundation. The author of this post is Brittany Raymer.

    The national debt is expected to surpass $31 trillion soon, which would be the largest ever on record. It's a reflection of the massive spending plans passed in response to the coronavirus pandemic, and Biden's student loan forgiveness plan.

    But as the national debt balloon's, the Biden administration is mostly ignoring the problem and instead turning the country's focus to his efforts to reduce the budget deficit.

    At the Democratic National Committee reception, Biden said, "You know, Republicans talk about being fiscally responsible. Last year, I reduced the deficit to $350 billion. You know how much this year, not counting the Medicaid changes? One trillion seven hundred billion dollars. So, I don't want to hear from Republicans about fiscal responsibility."

    David Ditch, a policy expert from the Heritage Foundation, argues that Biden's achievements are rather hollow.

    In a chart, Ditch showed that it took the nation 215 years to accumulate $7 trillion in debt. That time span has now shrunk to 2.5 years.

    Graph showing the staggering growth of the national debt.Graph showing the staggering growth of the national debt.


    "The problem is these structural deficits will keep us at about $1 trillion per year, and we may hit $2 trillion per year in the next decade," Ditch said. "Running that deficit every year without an emergency, it's mind-boggling."

    And it seems like it is only going to get worse.

    The addition of President Biden's decision to hand out student loan debt forgiveness will add an additional $300 billion on taxpayers, which is deeply unfair to those who have either paid the loans back or didn't attend college in the first place.

    The administration justified this spending, in light of historic inflation and national debt, by stating that it will "largely offset" the staggering increases that most families are seeing at the gas station and grocery store.

    But this won't help the public as much as it will help activists and perhaps give Biden a bit of a boost in the poll. As Locke senior vice president of research Brian Balfour explains, student loan forgiveness is a "morally indefensible vote-buying scheme."

    It may add some temporary relief, but North Carolinians should be aware that the North Carolina Department of Revenue is planning on taxing the student loan funding received. For more important about how that can impact you, click here.
Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Trump, McConnell direct focus to Budd with ad blitz and rally Economic Truths, A Business Perspective, John Locke Foundation Guest Editorial, Editorials, Business, Op-Ed & Politics A Back-to-School Look at the NC Threat-Free Index


HbAD0

Latest Op-Ed & Politics

The months-long drought in southern Texas has ended after local woman Stacy Ramage emptied all the water bottles from her nightstand into the water supply.
Ukrainian President Volodymyr Zelensky announced on Friday that his nation has formally submitted an expedited application to become a member of the North Atlantic Treaty Organization (NATO).
Voter I.D. garners more support than the president or the governor
The full measure of Hurricane Ian‘s coast-to-coast trail of death and devastation in Florida was revealed as dawn broke Friday, including at least 19 deaths, countless homes washed out to sea, and millions without power
Stacey Abrams turned the medical world upside-down earlier this week with her revelation that heartbeats are a complete scam, concocted to trick women into thinking babies are alive.
Florida first lady Casey DeSantis announced Thursday evening that within just a few hours of activating the Florida Disaster Fund that more than $10 million has been raised to support communities impacted by Hurricane Ian.
Rep. Jim Jordan (R-OH) said during an interview Thursday night that he believes that there has been “retaliation” taken against FBI whistleblowers who have exposed alleged problems within the Bureau in recent weeks.
Military experts believe the Russian war effort may be in trouble after Vladimir Putin was seen attempting to teach polar bears how to drive tanks.
The U.S. Senate passed a stopgap bill Thursday, seeking to avoid a partial government shutdown while also sending billions of dollars more to Ukraine.

HbAD1

Sunday is the least popular day to vote in most counties that offer one-stop voting on those days
Vice President Kamala Harris (D) faced mockery Thursday over a series of events that unfolded during her trip to South Korea.
Local man John Falco received the tragic news today from his doctor that all the things happening to his body are completely normal, he's simply 40 years old now.
Rep. Alexandria Ocasio-Cortez (D-NY) claimed during a House hearing Thursday that abortion was an economic issue because if women are not allowed to have an abortion, then parents are effectively “conscripted” to work against their will.
Big Tech is a govenrment actor and violating our free speech rights
Ian expected to strengthen into Category 1 Hurricane before making landfall in South Carolina
Florida Governor Ron DeSantis (R) has provided an update on estimated fatalities as a result of Hurricane Ian after Sheriff Carmine Marceno said during an interview Thursday morning that he believed hundreds of people had been killed.

HbAD2

 
Back to Top