Wednesday, August 14, 2024

Sid Salter: Next President Faces Biden/Trump's $35 Trillion National Debt

Six months ago, the gross national debt of the United States exceeded $35 trillion. That total includes money the federal government owes itself, so many in government and finance rely on the lower net national debt number of about $27 trillion if that makes anyone feel one iota better.

The national debt is everything our government owes to the public – think bonds and borrowed money – and everything the government owes to itself – think Social Security and Medicare obligations. It is debt held by the public and so-called “intragovernmental” debt that the government owes to citizens through entitlement programs.

The highly respected and nonpartisan Peter G. Peterson Foundation explains the national debt crisis in these ways: Our $35 trillion national debt is larger than the economies of China, Japan, Germany, the United Kingdom and India – combined. It amounts to $231,000 per every U.S. household or $104,303 for every American.

If every American household paid $1,000 per month toward the debt, it would take 19 years to pay it off – so says the Peterson Foundation. Americans are paying $2.4 billion per day in interest on the national debt.

Some six months away from a U.S. presidential election, neither the Trump-Vance campaign nor the Harris-Walz campaign is talking about the national debt. It’s as if the existential economic threat of the debt doesn’t exist for either Republicans or Democrats.

That’s because both major parties have fiscal culpabilities for the growth of the national debt. As an economic yardstick, the U.S. federal debt to U.S. gross domestic product ratio in 1980 was 34.64%. Today, that debt-to-GDP ratio is 123%.

How did we get here? Take your bipartisan pick. All U.S. presidents since Herbert Hoover had added to the existing national debt. The last U.S. president to reduce the national debt was Calvin Coolidge in 1929.

Democrat President Woodrow Wilson, Republican President Herbert Hoover and Democrat President Franklin Roosevelt saw the national debt rise through the conduct of World War I, the Great Depression, The New Deal and World War II.

Republican President Ronald Reagan added $1.86 trillion through supply-side tax cuts and increased defense spending. Fellow GOP President George W. Bush – dealing with the wars in Afghanistan and Iraq, the aftermath of the 9-11 attacks and a first-term recession, second-term financial sector crisis and Hurricane Katrina, added $5.85 trillion to the national debt.

Democrat Barack Obama grew the national debt by $8.6 trillion over his two terms as president. Rising healthcare expenses, through Medicare and Medicaid, have been the most substantial drivers of a growing national debt in recent years. Obama also passed one major stimulus package and implemented a late Bush stimulus package early in his first term.

More to the point of the 2024 presidential election, Republican President Donald Trump added $7.8 trillion to the national debt mostly due to COVID pandemic stimulus and relief spending and the 2020 recession.

Current President Joe Biden and his Vice President Kamala Harris, continuing the Trump policies on heavy pandemic and recession recovery spending, and through his own massive American Recovery Plan, is set through those expenditures and the bipartisan infrastructure bill to add the most of any single president to the national debt.

As has been the case for years, Social Security and Medicare entitlements as they exist today are in deep trouble and fiscally unsustainable under current law while at the same time, 78 million Baby Boomers hurtle toward retirement.

The two largest segments of mandatory federal spending are Social Security and Medicare, estimated to be $3.4 trillion. That’s nearly 60% of all federal spending, according to the Congressional Budget Office and the White House.

To read social media these days, national debt, deficits, spending strategies and policies, priorities for how debt, national defense, healthcare, cybersecurity and other challenges are met are of little importance. Our political parties aren’t raising those issues. Neither are our candidates.

We have six months to ask better questions and insist on more direct answers from those who wish to lead our country.

Sid Salter is a syndicated columnist. Contact him at sidsalter@sidsalter.com.

13 comments:

Don Drane said...

Sid's headline doesn't include the fact that his favorite diversity president doubled the national debt.

Here's an internet quote referring to Trump's campaign speech: "From a numerical standpoint, Trump is correct that the debt has almost doubled in dollar terms since Obama's first inauguration. Using the gross debt figure Trump cites, debt grew from $10.6 trillion on Inauguration Day 2009 to $19.4 trillion as of July 21. Using the more economically meaningful figure of debt held by the public, which excludes money that the government owes to itself, debt more than doubled from $6.3 trillion to $14 trillion."

Anonymous said...

Sid does it again. A lot of hot air and no substance. Sid that national debt is what our entire economic system is based on. The Federal Reserve Banknote is backed by nothing more than a usurous debt ledger that will take more than 700 years to pay back. Not gold or silver or any commodity. Just a debt that will take centuries to repay The Creature From Jekyll Island.

Anonymous said...

What an awful headline! This is Congress' debt. Yes, even the "conservatives." They've been drunk on spending since 2001. Even your Representatives and Senators from deep red States do it because you all keep electing them even though they voted for big spending bills like the Inflation Reduction Act, using the guise of military spending as the excuse. Even Taco Bell prices has almost tripled since the 2000s. Maybe, just maybe one day voters will grow tired of their dollar/purchasing power being devalued at such an alarming rate, they will vote these big spending clowns out.

Anonymous said...

Both parties just kick the can down the road. The messaging every cycle is x wants to take away your social security, y's going to wreck your medicare.

For all the progressive talk about reform and change, and the conservative pandering about dangers of welfare and bureaucracy, it's fairly strange that both are wed to a 1930s era program, a glorified Ponzi scheme. Wish there was another option, I haven't heard talk of privatizing in years. As a millennial, I'm not bullish at all.

Anonymous said...

What a shame there is no law stating if federal government spending exceeds the taxes received, all elected congressional officials lose their elected positions and may never run again. Sounds so good they should do it for all states too.

Anonymous said...

Our GDP is over $25 trillion. The national debt is the poorest excuse for a political talking point there is or would be if more people could understand that it is a fraction of our economic production. It's like worrying that you have a mortgage whose payment is not burdensome. Also forgotten is that we pay for infrastructure and disaster relief and roads/bridges/and highways. How do you think Maryland is replacing their collapsed bridge or how our towns hit by a tornado or flood recover? Economics isn't that hard, it is indeed boring and lots of tv talking heads on finance or the economy in use jargon (often incorrectly) to sound knowledgeable. Mississippi is dependent on federal dollars but some of you don't see that as other than welfare and it's never occurred to you that with food welfare, we wouldn't have nice grocery stores. Ask a social worker and they will tell you many Mississippians get SSI and medicaid and tell people they are living on Social Security and medicare that they "earned".... they aren't. They didn't have enough work hours paid in. There are cities with larger populations than ALL of Mississippi. Try to have some context and knowledge of a subject before commenting , won't you? And, maybe, if you started understanding how governments' function, politicians couldn't dupe you so easily! And, please all try to "get" that your measly tax break under Trump was a tiny fraction of the dollars given to me...my income and net worth is more than I can spend. Unlike Trump, I love the country and care about it's prosperity and see it linked to mine and my children's and my grandchildren's prosperity. We are struggling in costs of goods because of greed and that we tolerated the continuation of prices that justifiably went up due to shortages in production and supplies during the pandemic. Just stop being so naive and gullible please! Then we could put a fire under our politicians's behinds and make them actually learn what the hell they are doing or not doing.

Anonymous said...

"And, please all try to "get" that your measly tax break under Trump was a tiny fraction of the dollars given to me...my income and net worth is more than I can spend."

"We are struggling in costs of goods because of greed and that we tolerated the continuation of prices that justifiably went up due to shortages in production and supplies during the pandemic."

There seems to be some contradictions in the rant at 9:17. I tried to the best of my ability to find a point in that rant, but sadly I came up short. Would someone help me?

Anonymous said...

Trump thinks imposing high tariffs on all imports and deporting "illegals" who perform much of the construction and agricultural work in this country will solve the problem. If you think you have limited purchasing power now, just wait till he is elected. God help us.

Anonymous said...

We are the watchdogs and the guarantors of all corporate interests throughout the world. Our military protects the bankers no matter whether they are strictly "American interests" or some other fatcats. We pay for it. And it has been very expensive. And we will continue to pay for it in the billions and now trillions while we complain about some welfare mom buying a steak and some crablegs at Walmart....

Anonymous said...

Never forget- Obama is behind all this.

Anonymous said...

You are partly correct. Obama is the front for Bill Ayers, and those that comprised the weather underground marxist organization. Do a search on them, and you will see their M.O. on B.O.

It would be nice if the just left of center democrats would wake up to what their party is doing. If Harris, and Walz are allowed to go into office, they will take the country on a hard left turn.

Anonymous said...

Geez, I guess no Ag and construction work was done before Biden let 10 million illegals into the country?

Anonymous said...

"Republican President Donald Trump added $7.8 trillion to the national debt." That's not true. Budget deficits from 2017 through 2023.

2017 - $665 billion
2018 - $779 billion
2019 - $984 billion
2020 - $3.13 trillion
TOTAL $5.56 trillion

2021 - $2.8 trillion
2022 - $1.4 trillion
2023 - $1.7 trillion
TOTAL $5.9 trillion

SOURCE: U.S. Treasury Dept., Fiscal Data, "U.S. Deficit by Year", Sept. 30, 2023


Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel

Archives

Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS
.