By Chuck Norris
The question that continues to haunt many of us patriots is: "Where is all this stimulus money coming from?" Answer: It's being charged on the federal credit card called national debt. It's present balance due is $26 trillion dollars, and experts say another relief package would push it over $30 trillion.
Brian Riedl, a senior fellow at the Manhattan Institute, explained how the costs and tentacles of more national debt are far more reaching than in previous generations: "Who is going to lend the federal government all this money? Politicians promising trillions in new spending seem unconcerned with the question. Financial markets, which are trading ten-year Treasuries at interest rates of 0.7 percent and 30-year Treasuries at interest rates of 1.3 percent, don't seem worried, either. Many analysts see a world awash in excess savings and a Federal Reserve dedicated to pouring liquidity into the market. Yet borrowing $24 trillion (or more) over the decade would create a nearly unprecedented burden: The debt held by the public would rise from 79 percent to 128 percent of GDP, in the largest debt surge since World War II. But when World War II ended in 1945, the debt burden quickly declined; our present national debt is set to continue rising steeply for decades, because Social Security and Medicare face a 30-year cash shortfall of more than $100 trillion."
Rep. Ken Buck, R-Colo., was exactly right when he said about the federal government's relief in the form of debt: "This troubles me greatly, but all I see is more spending. So how high do we get? We are going to continue to spend until the markets say enough is enough and nobody buys the bonds, and then we have the cliff that we go off of. … And unfortunately, there's no conversation in Washington, D.C., about how to pay this money back."