I won’t waste another brain cell discussing the poor Presidential debate. There are lots of arguments and distractions that pull focus away from serious economic issues. These matters—like rising debt and enormous financial obligations—are critically important for our country’s future, regardless of our political beliefs or party lines. Whether we lean left or right, the drama we see in politics is a circus, diverting attention while the real problems—such as growing national debt, unsustainable programs, and economic imbalance—continue to build. Let’s not let the sideshows distract us from how these financial pressures affect everyone, regardless of political persuasion.
Understanding the U.S. National Debt
One of the biggest concerns is the U.S. federal debt, which is now 123% of our GDP (Gross Domestic Product). This means we owe more than what our entire economy produces in a year. Compare that to 52% in 1960 and 56% in 1980, and it’s clear that we’re borrowing far more than we can afford. This growing debt is unsustainable, and it’s largely due to programs like Social Security and Medicare, which were created when people didn’t live as long and healthcare costs were lower. Today, the U.S. has a $27 trillion Social Security liability and $41 trillion liability for Medicare, both of which are at risk because they weren’t designed to support the longer lifespans and more expensive healthcare we face now.
The Strain on the Workforce and Tax System
Our workforce and tax situation also show signs of stress. Out of 336 million people in the U.S., only 161 million are in the workforce, and of those, only 129 million pay taxes. This means 38% of the total population and 80% of the workforce are carrying the burden of funding government programs. As more people retire or rely on government assistance, fewer people are contributing to the economy through taxes, making it harder to sustain these programs.
Adding to the Financial Burden
Despite these issues, we keep talking about adding more financial burdens. One major idea is to cancel $1.7 trillion in student loan debt, which would add to our already massive debt. While helping people with student loans sounds good, it doesn’t address the real problem—how expensive education has become. Instead, it shifts the responsibility to the government and taxpayers, adding more pressure to an already strained system.
Expanding Social Welfare Programs
There’s also a push to expand social welfare programs, which would further increase our spending. While helping people is important, we must be careful not to promise more than the government can afford. If we adopt too many socialistic policies without limits, the country risks insolvency. While I support a progressive tax system—where wealthier people pay more to help fund public services—we can’t keep increasing spending without considering the long-term financial impact.
The Consequences of Political Distraction
The political drama is a distraction from the real and pressing problems we face. Our debt is skyrocketing, our major social programs are in trouble, and fewer people are paying taxes to support the system. If we don’t make real changes soon, our economy could face serious consequences. Instead of focusing on short-term political wins, we need thoughtful solutions to secure a stable future for everyone.
Check out www.debtclock.org to access real data.
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