Biden and Congress: Running Out of Other People's Money - $31 Trillion National Debt, and Maxing Out the Nation's Credit Cards - COMMENTARY

The U.S. government is predicted to max out its debt limit by early June. One recalls the maxim oft attributed to former British Prime Minister Mararet Thatcher:

"The trouble with Socialism is that eventually you run out of other people's money."

President Joe Biden, a divided Congress, and a laundry list of former Presidents, including President Donald Trump, have driven up a national debt of over $31 trillion.

That equates to over 120% of annual U.S. gross domestic product.

It also works out to over $95,000 per citizen, nearly $250,000 per taxpayer.

Biden and Congress did not simply run out of money. They ran out of other people's money.

And they did not simply run out of other people's money. They ran out of the ability to borrow against other people's money.

It would be reiminiscent of the spoiled rich kid who runs out of money, maxes out his parents' credit cards, then thinks that the big urgency is that his parents need to give him more credit cards.

Even worse, snippy accusations and leacturs against calls for restraint, and against demands for fiscal sobriety, would be reminiscent of a spoiled rich kid demanding more credit cards, then whining shrilly that his parents are insensitive and do not understand the urgency that the overspending continues.

National Debt - Some Additional Links

> U.S. National Debt Clock

> What is the national debt? - Treasury Department


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Key Words: Budget, Congress, Biden, National Debt, Debt Limit

U.S. Capitol