In the last two months, the federal government has spent about $4 trillion of taxpayer money on the Coronavirus pandemic, and the Federal reserve has added about $5 trillion in loans. Now the House has passed another $3.7 trillion. That’s about $13 trillion so far.
Soon we will exceed the $21 trillion GDP. I guess then we’ll try to top the (growing) $25 trillion national debt. How long will it be before we exceed the $125 trillion national debt that counts unfunded Social Security and Medicare promises? That number represents $806,000 per taxpayer.
California governor Gavin Newsom doesn’t think we’re spending enough. He wants the U.S. taxpayers to bail out the states. He requested another $1 trillion for Coronavirus 50-state aid.
Despite California’s $54 billion budget deficit and $1 trillion unfunded pension liability, it has 340,000 government employees making six-figure salaries and pension checks. Paying $45 billion for the 340,000 six-figure public employees costs every single household in California $2,500. That’s a full month of after-tax income for a worker making the magical $15 per hour.
Let’s slow down and take a breath on the spending. Why isn’t anyone worried about the debt?