What if someone, without your consent, borrowed money, from you?
Money they got to spend. Funds you would be responsible for paying back
You would most likely rise to anger, justifiably feeling that this scenario was more than unfair.
Unfortunately, this stark reality is actually happening: to you, me, and every other American --- daily.
The worst part of it is, that it's our government who is doing this to us.
As we read, hear, and see the news, we likely have caught stories about the $32 trillion national debt.
But, do we really think much about it?
We may not think its our problem.
Unfortunately, our nation’s debt is beyond real, and is long past being just a "distant," "vague," or otherwise "abstract" problem.
Our national debt is a very real dilemma for every U.S. citizen.
Why, because in some way shape or form each of us is ultimately responsible for paying back a share of this obligation.
On July 24, 2023, usdebtclock.org estimated that each U.S. citizen’s share of the debt stood at $97,316.
That's a lot of money.
However, what's even more frightening is the number that reflects the share of the debt for just those citizens who currently pay taxes.
Each taxpayer’s share of the debt on that date was $253,357.
After hearing this, you may be tempted to yawn and think that, "they" will figure it out.
Just who are "they"?!
How will they figure "it" out?!
Surely, we can’t believe the politicians, the very people who got us into this situation, will figure it out.
Sorting this mess out will require tough choices that could impact their chances of re-election, so most will be content to continue to smile and tell us that all will be fine, all the while distracting us (think "The Wizard of Oz") with other issues, some of which are important; some not so much.
The only way that politicians are going to develop the courage to tackle D.C.'s spendthrift ways, is when we, as voters, make this such a priority that they understand that there will be a political price to pay for sloth on this quagmire.
This writer believes the single most important issue currently facing our country is our national debt.
It's most assuredly bipartisan; as such it's a national problem, impacting all Americans.
Even those who have traditionally not been worried about piling up debt are beginning to fret, and justifiably so. Larry Summers, Bill Clinton's treasury secretary, has in the past described himself as not being a "congenital deficit worrier."
However, in a recent interview, he opined that "the probability is that we’re on a completely unsustainable path" with regards to deficits and debt.
As someone with grandchildren and great grandchildren, this writer, frankly isn't worried for himself, he's worried for them and for all American youth, because they are the ones who will be paying, throughout their lives, for the choices that "adults" made, leading to this albatross.
From George Washington to the beginning of Barack Obama’s time in office, a period of 220 years.
Although we can’t do anything about the debt that has already been accumulated, we can and must do something about the debt that is continually added-on daily.
The Congressional Budget Office (CBO) estimates that we will add at least $1.5 trillion to the debt in Fiscal Year 2023 and some economists believe that interest payments alone could additionally do so.
Social Security will face a projected 25% cut within a decade if action is not taken to strengthen that entitlement.
The longer we delay acting, the tougher our choices will be.
This is a national emergency.
That’s why I’m fighting to make restoring our nation’s fiscal sanity the number one issue in the 2024 election.
Joe Penland Sr. is the founder and chairman of Quality Mat Company – one of the oldest and largest producers of rig, oilfield and crane mats in the world. Joe has extensive banking experience having served on several bank boards for over 25 years. Joe lives North of Beaumont in Hardin County Texas, with his wife Linda. He believes in God, family, and the United States of America.
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