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US Politicians Have Failed Taxpayers, Racking Up a Whopping US $34 Trillion Debt

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Politicians Have Failed Taxpayers, Racking Up a Whopping US $34 Trillion Debt

The United States’ national debt has been a growing concern over the years, reaching a staggering $34 trillion. This excessive debt poses a significant burden on taxpayers, and it is a direct result of the failure of politicians to manage the country’s finances responsibly.

The Daily Treasury Statement for Friday showed that the total public debt outstanding rose to $34.001 trillion from $33.911 on Thursday.

The debt that counts toward the federal debt ceiling rose to $33.89 trillion on Friday from $33.794 trillion on Thursday. 

This “debt subject to limit” category excludes the unamortized discount on Treasury bills and zero coupon bonds, debt issued by the Federal Financing Bank and guaranteed debt of certain other agencies.

The milestone comes shortly after the federal debt topped $33 trillion in September amid rising federal deficits fueled by falling tax revenues and rising federal expenditures.

Congress returns to Washington next week to tackle the Jan. 19 and Feb. 2 deadlines for settling government spending through September amid Republican demands to reduce fiscal 2024 discretionary spending below caps agreed in June. 

Political Leader Failures

Lawmakers hope to pass emergency aid for Ukraine and Israel, with unrelated U.S. border security provisions attached. Failure to approve the one-dozen fiscal 2024 spending bills would plunge Washington agencies into shutdown mode. 

But reaching a compromise could become more difficult with the November presidential and congressional elections coming quickly into focus.

Maya MacGuineas, president of the Congressional Committee for a Responsible Federal Budget, a fiscal watchdog group, called the $34 trillion federal debt figure “a truly depressing achievement,” attributing it to political leaders’ unwillingness to make difficult fiscal choices.

“We remain hopeful that policymakers will take further measures to reduce our borrowing either by raising taxes, reducing spending, or creating a fiscal commission – or ideally by doing all of the above,” MacGuineas said in a statement.

White House spokesperson Michael Kikukawa said the debt increases were “trickle-down debt” driven by Republican-passed tax cuts in 2017 that benefited corporations and wealthy Americans.

“Congressional Republicans want to double down on MAGAnomics with more than $3 trillion in giveaways skewed to the wealthy while forcing hardworking Americans to pay the price by cutting Social Security, Medicare, and Medicaid,” Kikukawa said in a statement.

Politicians have consistently created more debt

He added that Biden plans to reduce U.S. deficits by $2.5 trillion over 10 years by increasing taxes on big corporations and wealthy Americans and cutting pharmaceutical spending and tax breaks for oil companies.

Politicians have consistently overspent, leading to a significant accumulation of debt. The reliance on deficit spending has become a norm, as the government consistently spends more than it generates through revenue. 

This reckless behaviour and failure to address fiscal responsibility have ballooned the national debt.

The lack of fiscal restraint and accountability among politicians has exacerbated the debt crisis. Earmarks, or pork-barrel spending, have been common, allowing politicians to allocate funds for pet projects without proper oversight. 

Miss use of Taxpayers Money

This misuse of taxpayer money has contributed to the growing debt burden, further highlighting the irresponsible actions of elected officials. Essential programs, such as Social Security and Medicare, represent a significant portion of government spending. 

Despite the impending fiscal challenges these programs pose, politicians still need to address the long-term sustainability of these entitlements. Their inaction has perpetuated the growth of the national debt, leaving taxpayers to bear the brunt of the financial consequences.

The astronomical national debt directly impacts taxpayers, who are ultimately responsible for financing the government’s overspending. 

The burden of servicing the debt falls on current and future generations, jeopardizing the country’s economic stability and prosperity.

Furthermore, debt accumulation diminishes the government’s ability to allocate resources to critical areas such as infrastructure, education, and healthcare.

The CTNNews editorial team comprises seasoned journalists and writers dedicated to delivering accurate, timely news coverage. They possess a deep understanding of current events, ensuring insightful analysis. With their expertise, the team crafts compelling stories that resonate with readers, keeping them informed on global happenings.

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