Letter to the Editor: Thoughts on debt
Letter writer says there is no reason to default on U.S. debt
We have all heard the doomsday predictions, especially from Democrats, that if we all don’t capitulate to their demands to raise the debt ceiling so they can spend more of our tax dollars the “full faith and credit of the U.S.” will be gone and there will be catastrophic consequences.
Here is data from the Treasury Department website. Looking at the period of Jan. 1, 2019, through April 30, 2023, we find the following facts.
- The overall average spending required to service our debt has been $53 billion per month.
- The average revenue received by the government over the same time period has been $403 billion per month, roughly 8 times greater than is needed to service the debt.
So there is no reason to default, not withstanding the 14th Amendment, which will not allow us to default.
They won’t stop paying the military, Social Security, Medicare or Medicaid.
What this will require is reduction of spending in some programs. Maybe even a government shutdown, which has happened numerous times in the past under Republican and Democrat presidents.
Of course, when the government shuts down, essential services will continue, which means not much more of the government will be shut down than occurs every weekend.
Scare tactics are just that — meant to scare people — so the Democrats, much like the DFL in Minnesota, can continue to spend more of our tax dollars to implement their leftist agenda.