Yes Indeed, Life is complicated. The complexity of Life involves the fiscal policy chosen by man in support of his economic well being. God’s Providence is the fundamental basis of man’s material well being.
The man made fiscal policy must follow the instructions given by God to follow the principles of fair and just treatment of all people. The US National Debt is a symptom of the spiritual sickness introduced by the US President Bill Clinton in 1996-97. The Nation is now addicted to Debt.
US starts fiscal year with record $31 trillion in debt
By FATIMA HUSSEIN, AP News, October 4, 2022
WASHINGTON (AP) — The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America’s daily finances.
Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the U.S. government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong U.S. dollar.
And while President Joe Biden has touted his administration’s deficit reduction efforts this year and recently signed the so-called Inflation Reduction Act, which attempts to tame 40-year high price increases caused by a variety of economic factors, economists say the latest debt numbers are a cause for concern.
Owen Zidar, a Princeton economist, said rising interest rates will exacerbate the nation’s growing debt issues and make the debt itself more costly. The Federal Reserve has raised rates several times this year in an effort to combat inflation.
Zidar said the debt “should encourage us to consider some tax policies that almost passed through the legislative process but didn’t get enough support,” like imposing higher taxes on the wealthy and closing the carried interest loophole, which allows money managers to treat their income as capital gains.
“I think the point here is if you weren’t worried before about the debt before, you should be — and if you were worried before, you should be even more worried,” Zidar said.
The Congressional Budget Office earlier this year released a report on America’s debt load, warning in its 30-year outlook that, if unaddressed, the debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy.
In its August Mid-Session Review, the administration forecasted that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending, and an economy that has recovered all the jobs lost during the multi-year pandemic.
In full, this year’s deficit will decline by $1.7 trillion, representing the single largest decline in the federal deficit in American history, the Office of Management and Budget said in August.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in an emailed statement Tuesday, “This is a new record no one should be proud of.”
“In the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions,” MacGuineas said. “We are addicted to debt.”
A representative from the Treasury Department was not immediately available for comment.
Sung Won Sohn, an economics professor at Loyola Marymount University, said “it took this nation 200 years to pile up its first trillion dollars in national debt, and since the pandemic we have been adding at the rate of 1 trillion nearly every quarter.”
Predicting high inflation for the “foreseeable future,” he said, “when you increase government spending and money supply, you will pay the price later.”
Presidents’ Day 2022. The Nation must wake up to the reality of the Clinton Curse.
Presidents’ Day is a federal holiday celebrated on the third Monday in February; Presidents’ Day 2022 occurs on Monday, February 21.
Originally established in 1885 in recognition of President George Washington, the holiday became popularly known as Presidents’ Day after it was moved as part of 1971’s Uniform Monday Holiday Act, an attempt to create more three-day weekends for the nation’s workers. While several states still have individual holidays honoring the birthdays of Washington, Abraham Lincoln and other figures, Presidents’ Day is now popularly viewed as a day to celebrate all U.S. presidents, past and present.
The story of Presidents’ Day date begins in 1800. Following the death of George Washington in 1799, his February 22 birthday became a perennial day of remembrance.
The Uniform Monday Holiday Act also included a provision to combine the celebration of Washington’s birthday with that of Abraham Lincoln, which fell on February 12. Lincoln’s Birthday had long been a state holiday in places like Illinois, and many supported joining the two days as a way of giving equal recognition to two of America’s most famous statesmen.
Washington and Lincoln still remain the two most recognized leaders, but Presidents’ Day is now popularly seen as a day to recognize the lives and achievements of all of America’s chief executives. Some lawmakers have objected to this view, arguing that grouping George Washington and Abraham Lincoln together with less successful presidents minimizes their legacies.
In its modern form, Presidents’ Day is used by many patriotic and historical groups as a date for staging celebrations, reenactments and other events. A number of states also require that their public schools spend the days leading up to Presidents’ Day teaching students about the accomplishments of the presidents, often with a focus on the lives of Washington and Lincoln.
On Monday, February 21, 2022, while celebrating the Presidents’ Day, I remind the Nation about the legacy of William Jefferson Clinton, the 42nd US President. Bill Clinton’s Presidential Term: January 20, 1993 – January 20, 2001.
- Outstanding debt in 1995: $4.97 trillion
- Debt adjusted for inflation: $8.39 trillion
- Outstanding debt in 1999: $5.66 trillion
- Debt adjusted for inflation: $8.72 trillion
Change in debt between 1995-1999: 13.72%
Change in debt adjusted for inflation: $337.54 billion
- Outstanding debt in 2000: $5.67 trillion
- Debt adjusted for inflation: $8.47 trillion
- Outstanding debt in 2004: $7.38 trillion
- Debt adjusted for inflation: $10.04 trillion
Change in debt between 2000-2004: 30.05%
Change in debt adjusted for inflation: $1.57 trillion
Bill Clinton rejected the Promises of Prosperity and embraced the Curses of Indebtedness the LORD imposed for acts of Disobedience.
U.S. National Debt Clock February 2022
An Overview of the United States National Debt
The Current Outstanding Public Debt of the United States is:
Last Updated: Monday, February 21st, 2022
Which Foreign governments own the most U.S. debt?
Answer: Here is the Top 10 (as of Sep/2019)
1. Japan, $1145.8 billion dollars
2. China, Mainland, $1102.4 billion dollars
3. All Other, $484.8 billion dollars
4. United Kingdom, $346.2 billion dollars
5. Brazil, $301.2 billion dollars
6. Ireland, $274.1 billion dollars
7. Luxembourg, $252.5 billion dollars
8. Cayman Islands, $238.7 billion dollars
9. Switzerland, $231.3 billion dollars
10. Hong Kong, $224.2 billion dollars
Of the $5.1 trillion dollars of US debt that is owned by foreign governments, China and Japan own nearly half, as evidenced by this chart:
America’s national debt surpasses $30 trillion for the first time
Skyrocketing pile of debt
The federal government now owes almost $8 trillion to foreign and international investors, led by Japan and China. Eventually, that will need to be paid back, with interest.
“That means American taxpayers will be paying for the retirement of the people in China and Japan, who are our creditors,” said Kelly.
The $30 trillion national debt figure is somewhat inflated by the fact that a chunk of the money is owed by the government to itself. This is debt held in Social Security and other government trust funds. So-called intragovernmental holdings total more than $6 trillion.
The United States must reflect upon the actions of the 42nd President that violate the LORD’ s Commandments. The Welfare Reform Act of 1996 enacted by President Bill Clinton reintroduced Slavery into the United States nullifying President Abraham Lincoln’s Proclamation that abolished Slavery.