Plog Number 122
The Debt Ceiling
Hello Ploggers how are you. I want to thank you for reading my Plog. I 💜 really 👌 appreciate anyone who reads it. I try to post it three times a week. Of course there are always things to plog about. As far as that goes, I foresee no end in sight to intriguing topics to plog about. I have been posting my plogs on Facebook and doing Tiktok videos that mirror the written content since there are many people who don’t like to read. I love feed back and interaction with my thoughts. I have even added a little section to my video plogs called " I did a little research" because I always do.
Lets talk about the debt 💰 ceiling that the Republican lead congress plans to use to pass legislation. The Debt Ceiling has to do with the amount of money that our country has already spent to maintain the country. There is a limit on how much the government can borrow to pay its bills. The current amount is $31.4 💸 trillion. It was raised to that amount in December 2021. So when the budget is next due for balancing, there will likely be a higher debt ceiling that needs to be put in place. If that is not approved by Congress our Government could dealt. Janet Yellen the Treasury Secretary sent a letter to Kevin McCarthy informing him that we would meet our debt limit for the last approved amount by January 19, 2023. When the National Debt exceeds the limit, the ceiling cannot be increased. The Government has to do other things to shift monies around and Federal agencies lose funding. Health plans, retirement and government savings can be affected. If all of the balancing 💱 and borrowing does not work, then the Government can default. We lived through that a few times during the Obama years with the Obstructionist Republican government.
There are of course many reasons why we have an inflated national debt. The government takes care of a massive Military, Medicare,🚑 Medicaid and Social Security. All those things are part and parcel of life as we know it. But there is one big reason that our Government is close to default. I have been 📚 researching about the Paul Ryan Republican tax cuts from 2017. The tax cut added $1.4 Trillion to our deficit with no way to replace it. Over the next decade $6 trillion in lost federal revenue was projected. This tax cut and changed tax code put this country in debt. So why would they do it? We are paying for this tax cut now. I plogged about paying our taxes on Janyary 18, 2023 in plog number 119 called Paying our Taxes. The changes in that code let the wealthiest persons and corporations pay a small amount of taxes. Simultaneously the tax burden for the middle class was increased in the Ryan lead legislation. Ryan had a goal of changing Medicare, Medicaid and Social Security into a voucher and privatized program. Luckily he didn’t get anywhere with that. But there are many Republicans who have stated that they want to do the same thing.
So as we watch the budget being used as leverage by the McCarthy House, let’s remember why we are so in debt in the first place. Ten years of the Paul Ryan tax cut have not even transpired yet. So the proverbial 💩 bottom has not even fallen out yet. Hang on and RECLAIM!
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