The U.S. national debt pushed above $24 trillion on Tuesday.
The United States Government was already running massive budget deficits long before the coronavirus pandemic and the debt was piling up at a fast pace. Response to the coronavirus outbreak has put spending and debt in a hyperdrive mode.
The Trump administration has added $1 trillion to the national debt in just six months.
It’s easy to just brush off the spending spree. Mostly everybody agrees the stimulus is necessary to deal with the economic impacts of coronavirus, but the Trump administration was stimulating long before this emergency even happened. The country was already on pace for a trillion-dollar shortfall long before the pandemic. That’s the kind of budget deficit one would expect to see during a major economic downturn.
This proves that the economic successes we were seeing with the stock market were artificial behind the socialistic measures that Trump was already putting into place. The Republicans were already spending at a fast rate and were doing nothing to pay down the debt, or slow the rate of spending.
The coronavirus pandemic has made the situations even worse as the Congress passed a stimulus bill to rejuvenate the economy. The amount of pork that was in that bill is a telling sign of the way Washington operates and spends our money.
The greatest threat is not this hidden virus, but rather the incompetence of D.C. politicians that have let the debt get this out of control.