By: Diane Benjamin
Did anyone notice calamity because the Federal Government has now been shut down for the third day in a row? It shuts down every weekend, today is just a bonus day off for MLK day. Remember this shutdown when media starts screaming about DEFAULT if the debt ceiling isn’t increased. Tax dollars are still flowing into DC, there is no danger of default. Those wanting the debt ceiling increased want it so the just passed $1.7 trillion omnibus can be spent. We will see if there are any adults in the room, don’t expect them in the media.
Current debt is closing in on $31.5 trillion https://www.usdebtclock.org/
Federal Debt per taxpayers is almost $247,000. Click that link and find Illinois, add another $12,341 per taxpayer.
Since both Bloomington and Normal also take today off, both Council meetings won’t happen until tomorrow. Read the agendas yourself. Normal could be short while Bloomington is plotting how to spend more money:
Normal: https://www.normalil.gov/ArchiveCenter/ViewFile/Item/4544
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https://home.treasury.gov/system/files/136/Debt-Limit-Letter-to-Congress-McCarthy-20230113.pdf
Jan 19 we reach the ceiling of the current “Statutory Debt ceiling”. Which doesn’t mean anything to the Washington elites, because they just, hit a button and add a few more Trillion onto the ledger. Never mind actually printing it out, in paper bills. Most of Americas “Money” is electronic currency, The “Fed” and Treasury determine how much “Paper” cash money is needed to supply the banks, businesses and population for everyday transactions. But no way is there $31 Trillion in US dollars in circulation.
According to the Federal Reserves latest figures Dec. 31 2021 in circulation of all paper denominations estimate was a total of $2.4 Trillion US dollars worldwide.
As of November 2022, federal debt held by the public was $31 trillion. Debt held by the public was estimated at 96.19% of GDP, and approximately 33% of this public debt was owned by foreigners. The United States has the largest external debt in the world, according to The New York Times.
Then we have “unfunded and underfunded liabilities”. Which according to various sources (Economists, government agencies, Professional think tanks, Universities, and experts at the GAO) ranges from over $200 to as much as $250 Trillion dollars. Since the Great Society’s inception more has been spent on Social programs in the US than the rest of the world combined in history. The Trillions of dollars of debt and liabilities have been spent, with little to no return on the investment. Handing out instead of handing up, fishing for a generation caused some to lose motivation and self-esteem. Instead, programs teaching how to “fish” or “create fishing poles” for entrepreneurs and building thinkers versus memorizers.
Perhaps missing a massive opportunity to have invested in education, training, technology, science, medicine, etc.
With millions more able to use critical thinking, rational thought process, learn from history, logical reasoning, etc, perhaps this age would be what my generation dreamed it would. Flying cars, robot butlers, medical cures for diseases and cancer, space exploration, a happy future. Instead of this current situation with Presidents that get lost walking off stage and wars of no matter, debts of no consequence, power hungry politicians, Christian parents with common sense have become the latest “terrorist threats”.