The Wall Street Journal recently released an article on U.S. federal debt, and its findings are so bad that the government of Texas is running out of excuses for not side-stepping the federal government and dealing with the mounting crisis directly.
For years, the Texas Nationalist Movement has been warning Texans about this, about the existential threat posed by U.S. debt and how both parties have not only done nothing to stop it but have made it worse. Even under President Trump and the unified GOP government of the previous two years, the debt has shown no signs of lessening in mass or speed of accumulation. Because of the political cowardice of one party and the partisan aphasia of the other, the federal debt has now grown to 105.4% of our gross domestic product.
Since paying down the debt has ceased to be even a talking point for either party, the immediate concern is the size of U.S. interest payments on that debt. And because the U.S. continually raises the debt ceiling, according to the WSJ article, those payment levels will continue to rise and become “$915 billion by 2028.”
Also noted by the Journal, if spending continues as projected (and let’s be honest, if there are changes, it will be increases), we can expect the following:
- Interest payments on the federal debt will exceed spending on Medicaid in less than two years.
- By 2023, annual payments on debt interest will surpass combined military spending.
- By 2025, our fee for living beyond our collective means will carry a price-tag greater than “all nondefense discretionary programs combined, from funding for national parks to scientific research, to health care and education, to the court system and infrastructure, according to the CBO.”
And let’s be frank, this is not a problem that can be fixed by tax-raises or economic growth. Federal spending must be cut, and Washington will never do that.
Of all the betrayals of Washington against the people of these United States, profligate spending has perhaps the most potential for destroying the Union quickest. Here’s just some of the consequences we will soon face because of U.S. over-spending for the last 50+ years as noted by Forbes:
- You will lose Social Security and Medicare.
Part of the reason politicians don’t want to address the debt is because nearly “all the rise in the federal debt since World War 2 can be laid at the feet of entitlement programs,” providing various kinds of aid to Americans… and then some. It’s too bad politicians ready to borrow money to help people don’t consider that we won’t be able to help anyone when the economy collapses.
- Our economy will collapse.
As debt increases, U.S. “stock and bond markets will lose confidence in our reckless fiscal policy and send prices plunging,” as foreign nations stop purchasing U.S. debt. And though not mentioned specifically, hyperinflation will accompany all of this, where “People lose their life savings as cash becomes worthless.”
- Federal debt will threaten our ability to defend ourselves.
After all, if you have no more money to spend and have exceeded your capacity to borrow, you can’t fund a military. Who knows who will take advantage of that? China? Russia? Every third-world terrorist regime?
I really wish this was an exaggeration. Normally, if I came across a current events article entitled “Apocalypse Now,” I would dismiss it as click-bait. However, this problem has gone on so long and been ignored by our leaders, the erstwhile hyperbolic title may actually be a euphemism. If things don’t change (as seems likely), if we continue down a path were money and savings are worthless, with the inevitable civil unrest that will result from millions of unemployed or disgruntled dependents unable to feed themselves and military threats from foreign bad-actors, we may look back wistfully on how we watched post-apocalyptic TV/movie dramas like Walking Dead and Red Dawn instead of living it.
It’s easy to dismiss a problem if its costs seem a distant consequence, like ignoring the fact that the Earth will one day crash into the sun. However, we’re talking about maybe a period of 5-10 years before the U.S. could begin suffering from a debt Armageddon. Everything we know from history and economic analysis says this could be the worst crisis ever faced by the Union. And, since our politicians refuse to do anything about it, the only option for Texas to avoid this doom is to quit the United States. And while saving the U.S. would be great if it could be achieved, since there is no political will left in D.C. to change things significantly, the only thing remaining is to do it ourselves as our own country, as is our right under the Texas and U.S. constitutions.
There is a bill that is ready to go, the “Texas Independence Referendum Act.” Considering what we stand to lose if we don’t act, it should go without saying that separating Texas from the U.S. in the near future should be the supreme focus of the Texas Legislature. If Texas politicians (from Governor Abbott on down) continue to ignore this threat to our very existence, either because they fail to grasp the enormity of it or hope that it will go-down after they’ve had a successful federal career, then they are committing treason against Texas. If they do nothing, even with what we know now, then they have betrayed the people of Texas just as assuredly as if they’d given Santa Anna the keys to the Alamo 182 years ago.
We only have less than a decade to preserve Texas. We must act now.