To the Editor,
Our national debt has now reached $31.130 trillion and is on a path to grow by trillions more for years to come. Today’s tab averages $93,423 per citizen or $247,325 per taxpayer, according to National Debt Clock as of Oct. 8, 2022.
It is time to install a national debt clock with daily updates in both Congress and the White House. They can see how much they are adding to long-term debt every time they pass spending bills dependent upon borrowing to pay the tab.
Who is going to bail out Uncle Sam to pay for this? Government, the private sector and citizens must make difficult financial decisions on how to use existing resources. Americans prioritize their own family budgets. They make the hard choices in how existing household financial resources will be spent. The president and Congress should do likewise.
The world’s favored currency is our dollar. This could end if Washington does not control annual increases in spending and debt. If things continue the way they are, China may surpass us and the yuan becomes the world’s favored currency. Our reign as the No. 1 super power will come to an end like all empires.
Larry Penner
