‘If we’re not careful, we’re going to spend this country into oblivion.’
Most of the politicians in Washington, DC are focused on a push to spend trillions of more taxpayer dollars on President Biden’s agenda. But Senator Rand Paul is raising the alarm about all the money the federal government has already spent—that it doesn’t have.
“We’re rapidly approaching a milestone in our country, it’s not a good one: $30 trillion in debt,” Paul noted in a fiery Senate speech on Thursday, October 7, 2021. He said the federal government is accumulating “$2 million per minute” in new debt.
Why is the fiscal situation so out of control? The senator blamed the “bait and switch” politics of big government spending and the welfare state.
“People are saying we’re going to give you free college, free cars, free cell phones, free this, free that,” Paul said. “Everything in life will be free, you won’t have to work anymore. The problem is there are ramifications. Money doesn’t grow on trees… money has got to come from somewhere.”
“Either we borrow it… we tax people for it, or we simply print the money,” he continued. “When the Federal Reserve prints the money, as we increase the money supply, the money we already have becomes worth less and less. It loses its purchasing power. This is the insidious tax of inflation. Inflation is a regressive tax… it affects the working class, lower income people, and those on fixed incomes, much worse.”
Paul’s arguments come amid data showing that consumer prices have risen at the highest annual rates in 30 years. The senator blamed, in part, policy decisions and reckless spending at all levels of government for this harmful trend.
“Right now, we’re facing 5 percent inflation, because of the massive borrowing that really both parties instituted in the last year,” he said. “They decided that the result of the pandemic would be to close everything down, destroy the economy, and give everyone free money. It’s primarily been Democrats this year… but both parties have a certain responsibility for this.”
“As government gets larger and larger, people think they’re getting free stuff,” he continued. “But it’s not really free. This is the allure of socialism… it’s a false allure… socialism doesn’t work. It is this alarming tendency to want to offer everybody everything and say it’s going to be free. Many of these things backfire.”
The senator briefly explained how the federal government wound up nearly $30 trillion in debt. For one, he cites rampant waste like the feds’ spending millions on a study into whether cocaine makes quail more sexually promiscuous.
“Studies like that are littered throughout the federal budget,” he lamented. Within the bigger picture, the vast entitlement programs composing our welfare state are what’s driving us off a fiscal cliff.
“Medicare, Medicaid, Social Security, food stamps, other welfare, military… if you look at all that on an annual basis, before you get to the extraordinary binge of the last two years, we were already $1 trillion short every year,” Paul explained. “So last year we added a couple trillion more… and our deficit for one year was $3 trillion.
We’ve never borrowed that much. There are going to be ramifications. You’re already seeing some of the ramifications; prices in the grocery store going up, prices at the pump go up, prices going up faster than wages.”
Despite all these warning signs, many of Paul’s colleagues in Congress are pushing $4.5 trillion more in spending on top of it all. “If we’re not careful, we’re going to spend this country into oblivion,” the senator concluded.
He’s right. But it’s not too late to avert this path, if more of our elected officials wake up to our fiscal crisis and heed Rand Paul’s warning.
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This is a strikingly a historical choice.
A bit more than a decade ago, One Big Ass Mistake America, with his first term occurring under united Democratic party rule, contributed just shy of $2.2 trillion in new spending during his time in office, or more than $1 trillion less than Biden.
He was met with loud and sustained opposition.
In Summary: Biden’s administration has spent more than any other.
Why are several departments claiming to be out of money?
U.S. Debt by President: Dollar and Percentage 2024 | ConsumerAffairs®
(No) Thanks to Trump’s Tariffs: 18 More Items About to Cost A Lot More | Watch
The following are the Federal Fiscal Year budget deficits from the St. louis Fed starting with the year prior to the Trump Admin to present, 2016 – 585 billion 2017 – 665 billion 2018 – 779 billion 2019 – 984 billion 2020 – 3.132 trillion (pandemic relief programs) 2021 – 2.775 trillion 2022 – 1.376 trillion 2023 – 1.696 trillion 2024 – 1.834 trillion.
Google what the debt was when Biden was installed. – Search –Google for it now.
Then, add one billion dollars per DAY through 1-20-25.
In 2025, Interest on the Debt will be Trillion Dollars That is the total sum damage this admin has spent since he was inserted like a plumbing shit plunger device.
It is amazing how this incompetent and dementia ridden man was put in this position in the first place… this is why they are being replaced by people who understand the waste of public funds. You can’t just keep printing money …. with a hidden tax of 25% to 30% on everything we buy in the form of inflation.
Good point, but I fail to see the magic that will rebuild the Francis Scott Key Bridge, or the repairs to Transportation infrastructure from hurricanes and flooding during the past 6 to 9 months. These things generally require funding. You only have congress to blame for this madness.
They dilly dally around with the budget and who comes up short?
We the People… That’s right the very people we send them there to take care of. We elect both democrats and republicans to make sure the country is funded. Funding that is supposed to be available on October 1st. This process hasn’t been done on time in 29 years. So there you have it folks incompetence at its best.
Meaningful comments you say?
HMMM, FEMA withheld funding to Trump supporters, Biden/Harris and Mayorkas robbed FEMA funding dollars to fund Biden’s migrants, to what extent we don’t know yet. Biden’s request for “FEMA” funding isn’t all going to FEMA, if you look at his request for funding fine print you’ll see that is a fact.
And last but not least the current admin has ZERO credibility in regard to spending the taxpayers money wisely and even going to the extent of lying about where it’s going. Had enough yet? There’s a reason Joey got booted by his own party as well as a reason the Lib/Dems got Annihilated in the election.
The American people are fed up with their bs.
The Biden administration spent trillions of dollars we didn’t have on things we didn’t need. What a bunch of incompetent people. Well, Biden, Harris and Mayorkas raided just about every department to pay for the migrant invasion. Of course, they went into the DOT funds to pay for all the buses and charter flights to move them all over the country.
INVESTING IN AMERICA:
Biden-Harris Administration Announces More Than $4.2 Billion From the Bipartisan Infrastructure Law for Transformational, National Infrastructure Projects, (roads & bridges) Monday, October 21, 2024, This was taken from the DOT website.
How can you waste that much money in so short a time and see no results?
Much Like Kamala Harris Spending $1.5 Billion in 107 days on her failure 😉
During Biden’s Regime: How many billions were wasted on non-citizens?
Like the ones that murdered Laken Riley, Jocelyn Nungaray, & Rachel Morin?
How much was spent flying in millions from other countries?
How much was spent on the Hunter Biden’s Cocaine habit and what was on his laptop?
Hey Pothole Petey. What did you do with the budget?
Now we know where Biden has been getting all the money for Ukraine. The state dept says they have only spent 50 billion on weapons since 2022. add that to the pentagons unbalanced budget for the seventh time in a row. The fema budget that they claim has spent 1.4 billion on housing for illegals.
Bill Clinton: Trump has done ‘everything he could’ to ‘destroy’ confidence in government
Brad Koffel, EP. 15- THE INDICTMENT OF DONALD J. TRUMP – Apr 1, 2023
Does anyone believe this bullshit for one second?
Biden’s administration has bled money like a jugular wound since 2021. No one can say where the money went and exactly how much has been spent. Add to that Biden sold the wall materials and our oil reserve to China. Also, all that money went to Ukraine. We need to know exactly what this man has taken from us Americans. Think we ever will?
It will take this rebuilt Trump administration a lot to even come close to straightening this mess out. Biden also robbed from Medicare to Pay Illegals to invade our border and now this. Next, they are leading us into WWIII and will blame it all on Trump.
The woke Left’s takeover of the US military is a real and present danger
Gone but not forgotten: Trump aims to revive the Keystone XL pipeline
Opinion: Donald Trump is not a fascist. Why that label is inaccurate.
Sounds like one heck of a crooked admin Biden was running.