A Fiscal Cliff Is Approaching And Neither Party Cares

John Romero | July 23, 2019

Fiscal Conservatism had been shot by both parties and thrown in a dumpster. The White House along with Democrats and GOP leadership have reached a budget deal that will explode the national deficit according to USA Today.

Several years ago Congress had put into place major budget cuts that were to be enacted this year. Those cuts were set to as an attempt to try and force a compromise in the budgeting process. Over the past few days of negotiations, those cuts were chucked out the window. Instead, lawmakers agreed to increase the budget another $340 billion and to ignore the debt ceiling for another two years. 

Over at the most depressing site on the internet, usdebtclock.org, one can see that the deficit between spending and revenue for the federal government has topped over $1 trillion again, a level not seen since 2012. This of course is adding to our already crippling debt of $22.5 trillion. 

For those who think there aren't major ramifications for such reckless spending only need to look at the U.S. federal budget. For fiscal year 2019, the U.S. is estimated to spend around $400 billion on just interest owed against our current debt. This is only set to get catastrophically worse. According to the New York Times, if spending levels are not brought under control by 2028 federal spending on interest payments could near $1 trillion of the total federal budget. To put that into perspective that about how much the U.S. pays out in Social Security.

Social security and Medicare, two programs that made up half of the entire federal budget, are both set to run out of money. Medicare by 2026, and Social Security by 2035 according to Commentary. While there is a glimmer of hope for social security with a tax increase, Medicare is a Titanic in the making. Both parties show no signs of letting off the gas toward this cliff we are going full speed toward.