The US is in a heap of fiscal trouble

[Grouse]

The U.S. government has spent around $6 trillion during the coronavirus pandemic, in addition to regular government appropriations. The $6 trillion figure does not count the $1.9 trillion American Rescue Plan that President Biden signed a few weeks ago. The deficit set a record in FY2020 at $3.13 trillion. And the national debt has hit a record $28 trillion.

It's a cheap time to borrow and some people are using that as a reason to borrow. The problem that looms is our interest rates flow. The U.S. has the ultimate adjustable rate mortgage, which is the rates can change. Senator Angus King said. "And if the rates go back to 4 or 5%, which is where they've been historically, we're in a heap of fiscal trouble. The math is pretty easy. Every 1% is $250 billion a year of interest costs. So 4% is $1 trillion dollars; 5% is $1,250,000,000,000, which happens to be the entire current discretionary federal budget."

Edited April 6, 2021 by Grouse

[Grouse]

Biden's 'infrastructure' fiasco – Dems offering Green New Deal in sheep's clothing

Some of the components of Biden’s 'infrastructure' plan are just absurd

Spending on Green New Deal style waste could end up being nearly half of the bill.

For example, $175 billion – nearly 10% of the package – is dedicated to subsidizing electric vehicles. Another $100 billion is allocated to building new public schools to make school lunches "Greener." There is $50 billion is set aside for the National Science Foundation, and $200 billion is meant to green up and fix our power grid, the one that we just overloaded with the $174 billion in electric car subsidies.

[Shoots100]

It is a green new deal, as their making the dollar worth nothing, so Americans will be burning green paper money for heat, instead of wood.

[Grouse]

"The Biden infrastructure plan is a head fake. The agenda here isn't about creating 'millions of new jobs.' It's a declaration of war against one of the largest sources of new jobs in the United States: our domestic energy producers. Some 80% of our energy today comes from fossil fuels, and well more than half of it comes from oil and natural gas. ... Let's have a grown-up discussion on energy policy. The U.S. is going to continue to use oil and gas for decades to come. Today, only 10.7% of our energy comes from wind and solar power. Approximately 2% of the cars on the road are electric vehicles. Even if that were to rise by tenfold over the next decade, we will still have 80% of cars using good old gasoline. If we don't produce the oil and gas here, we are going to fill our tanks with oil and gas from the Middle East or Russia." —Stephen Moore