TheGoodfella- TheGoodfella
Democrats Spending Spree Has No Limits
Here's a basic reason why its a dangerous and reckless goal #Democrats have to spend close to $5 trillion more dollars.
America is now borrowing 40% of the money we need to finance our government. Our government is to big for our own budget. So we continue to borrow more and more. We owe more than $7 Trillion to foreign Countries. And what countries do we borrow the most from? Japan at $1.3 Trillion and China at $1.2 Trillion, which is more than a third of all foreign holdings. And if the *ENTIRE current Democrat proposed spending bill passes China will jump to become the largest owner of US debt by far, outpacing all other nations (including Japan) by almost 2:1 margins.
Which means foreign countries now own more of the future US debt than Social Security, Medicare, Retirement/Pension Funds, etc. of all Americans combined. AND DEMOCRATS WANT TO SPEND MORE ON SOCIAL WELFARE disguised as "Infrastructure".
*ENTIRE: A vote that #NancyPelosi expects to pass on Thursday 9/30/21 is for approximately $1 Trillion to continue "essential" operations. That is only a portion of the total spending bill estimated at $4.5-$5 Trillion.
The below Pie Chart is current as of May 2021. To put our level of spending in perspective in less than 5 months later we are currently at $28.8 Trillion. That's a little bit more than $1 million of debt added every 28 seconds. And it never stops. And that's BEFORE the Democrats latest Spending Spree plan.
References:
https://www.investopedia.com/articles/markets-economy/090616/5-countries-own-most-us-debt.asp
https://www.marketwatch.com/story/heres-who-owns-a-record-2121-trillion-of-us-debt-2018-08-21
https://www.thebalance.com/who-owns-the-u-s-national-debt-3306124
https://thehill.com/homenews/house/574030-pelosi-sets-thursday-for-vote-on-infrastructure-bill