newYou can now listen to Fox News articles.
Russia and Ukraine. middle east. And what would happen if China invaded Taiwan?
No, there are no Avengers in America, and no, they can't be everywhere in the world at once. But there are deeper, more pressing issues facing us that no one seems to be talking about.
According to the U.S. National Debt Clock, the interest we pay each year on the money we borrow from ourselves currently exceeds the money we spend each year in the fiscal budget to protect the United States.
A man walks past the National Debt Clock on 43rd Street in Midtown New York City on February 15, 2019. Debt currently exceeds $35 trillion. (Getty Images)
If we're not careful, it's only a matter of time before net interest on debt becomes the largest item in our nation's budget.
Please stop the madness. Our national debt is now over $35 trillion…
How did we get here?
Simply put, national debt is the same as using a credit card for constant spending problems at Amazon or Whole Foods and not paying it off in full each month.
Credit card debt is becoming more serious in the United States, but the principle of increasing debt is the same as in the United States. The cost of purchasing will exceed your income and you will end up in the red. The deficit that accumulates over time represents a person's entire debt.
Notable recent events that have caused large debt spikes include the wars in Afghanistan and Iraq, the Great Recession of 2008, and the coronavirus pandemic. From fiscal year 2019 to fiscal year 2021, spending increased by approximately 50%, primarily due to the COVID-19 pandemic. Declining tax revenues due to tax cuts, economic stimulus, increased government spending, and widespread unemployment caused the national debt to soar.
At the end of 2023, the nation's total debt will reach nearly $34 trillion, and by the end of 2024 it will approach $36 trillion. Of this, about $27 trillion, or 79%, is debt held by the public, which represents cash borrowed from domestic and foreign investors.
Who has added more to the national debt: Biden or Trump?
The remaining $7 trillion (21%) is intragovernmental debt, which simply records transactions between one branch of the federal government and another.
Can this be fixed?
Let's start with the big lie. “The wealthy are not paying their fair share.” This rhetoric has been used in many elections and is currently being brought to the fore by Kamala Harris, who says the wealthy pay the same tax rate as the “working class.”
Here we explain how the concept that “the wealthy pay lower taxes than the middle class” came about as a topic. In 2021, Forbes published an article stating, “The 400 richest households in the United States paid an average income tax rate of 8.2% from 2010 to 2018.”
The study, by economists Greg Riserson of the Council of Economic Advisers and Danny Yagan of the Office of Management and Budget, used the annual Forbes 400 list and public data to determine what members of that elite group are paid. estimated income and federal income tax. This is the smallest sample size, measuring the 400 wealthiest people in America.
Billionaires warn of concerns about debt exceeding defense spending, signs 'country is in trouble'
To say that the wealthy are not paying their fair share, as Democrats say, is definitely misinformation. The facts are:
Personal income taxes account for 48% of government revenues.Payroll taxes account for 33% of government revenues.Corporate taxes account for 10% of government revenues.
The top 1% of earners paid an average tax rate of 26.3% of their adjusted gross income (AGI) and 45.8% of their total federal income taxes, according to 2021 data from the National Taxpayers Union Foundation.
Meanwhile, the tax rate on $50,000 of taxable income for the 2023-2024 tax year is 12.6%, according to H&R Block. Does that mean the “rich” (top 1%) pay a 100% higher tax rate than the average American middle class? Do you think that's fair?
For more FOX News opinions, click here
But this is a tax lie that Democrats are telling Americans about the tax rate on the taxes they actually pay. By the way, this doesn't include state, local, payroll, or real estate taxes, which add up even more.
The challenge to solving this problem is that only wealthy people may actually be able to solve this part of the equation, since you can't get blood from stones. This is why Social Security could inevitably become a Medicare-like tax, ultimately leading to higher capital gains and ordinary income tax rates.
On the other hand, with government spending spiraling out of control, there is no question at all that we need to decide behind the books where spending must be cut in order to effectively balance the budget. There is no.
CLICK HERE TO GET THE FOX NEWS APP
Can we protect America?
Actions have consequences. The same may be true of this election. There is absolutely no question that Congress will soon be forced to raise the national debt ceiling and that the national debt will reach $40 trillion within the next two years. Interest on the national debt will soon result in fiscal costs exceeding $1 trillion a year.
A war in Ukraine, a war being waged by Iran and its proxies, a war on the border, and enough money to build its own fleet in the future, if no one is scared of what will happen next. You have to worry about not having one. To protect our country and our leadership positions around the world, the number of Ironmen was determined based on the budget we set today. It may be time to seriously think about people's credit card debt.
Click here to read more about Ted Jenkin
