Last week the national debt reached 35 trillion dollars, a mere seven months after the debt reached 34 trillion dollars.
The Tea Party's efforts to focus attention on the debt resulted in a bipartisan deal that made minuscule spending cuts.
The Donald Trump-inspired rise of "Populist nationalist conservatism" that does not emphasize the national debt means Republicans have less incentive to even talk about the debt - aside from making justifiable, though hypocritical, attacks on President Biden and congressional Democrats' excessive spending.
Many Democrats, including those who have embraced Modern Monetary Theory, agree with former Vice President Dick Cheney that "Deficits don't matter." Modern Monetary Theory asserts that as long as the central bank can monetize federal debt and keep interest rates low the government can endlessly increase the amount of debt.
Those who pretend deficits don't matter ignore the fact that interest on the national debt will soon be the largest item in the federal budget, consuming as much as 40 percent of federal revenue.
The devaluation of the dollar resulting from the Federal Reserve's efforts to stimulate the economy and monetize federal debt, combined with increasing resistance to US hyper-interventionist foreign policy, will lead to a rejection of the dollar's world reserve currency status.
Those who understand the philosophy of liberty and sound economics must continue to spread the truth about the dangers of fiat money and the growth of government power and government debt.
https://ronpaulinstitute.org/america-reaches-a-sad-milestone/
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