Debt Ceiling Winners & Losers

From Girish Modi, Decatur, GA

After Congress raised nation’s debt to $31.3 trillion on June 2, President Biden signed into law on live prime time television and House Speaker McCarthy touted to media outlets, wherein both sides are claiming victory.

The politicians and pundits are saying that Americans no longer must worry that the U.S. will default on its debt that could have caused financial turmoil in the world. Interestingly, the deal will reduce spending by $1.2 trillion in only over ten years, which is insignificant or immaterial.

Though the media was speculative about default scenario, it was not going to happen. The only reason both parties were making big issue is next year’s presidential election wherein they can claim victory to woo voters.

No matter what the experts say who winners are and who losers are, the real losers are the American people because the debt went up from $19 trillion to $32 trillion in last ten years. No other country could afford to survive financially if its debt had gone up this much.

Do you know that for every Dollar the treasury collects, 40 cents go towards paying the interest on the loans in bonds and another 50 cents goes towards military expenditure? That leaves only 10 cents for social programs. But the government spends 25 cents for these programs. Therefore, America needs to reduce its military spending and stop policing the world.

(This submission has not been edited)