In Greek Mythology, Sisyphus was the first King of Corinth, and was known for his cleverness, deviousness, and callous disregard for others, but worse yet, he really offended Zeus because he thought he was more clever than Zeus.
But in no way was that all he did; he was guilty of committing a lot of crimes, so Hades published him in Tartarus by making him push a boulder up a hill, and then cast an enchantment that made it roll down as soon as he got to the top, and this was an eternal punishment. Hence the term, Sisyphean Task.
Currently, our national debt is over 30 trillion dollars, and no matter how much money the federal government takes in, it’s never enough to pay all the bills so it keeps borrowing, and borrowing, and borrowing.
Now, this isn’t a new problem; it was decided in the past all this borrowing and debt wasn’t a good thing, and in …..watch out now…..here it comes……in 1917, they created something called a national debt limit, which would prevent the federal government from borrowing over a certain amount. If that was installed in 1917, how in the world did the debt get so high?
Well, I’m sure everyone is shocked to hear they found ways around that limit, and in recent years they resolved this problem with something called the ‘”Gerhardt Rule,” a parliamentary rule that deemed the debt ceiling raised when a budget was passed,” which was really convenient. But it was decided that was a bad thing, and when the Republicans took over, and Gingrich became Speaker of the House in 1995, that rule was done away with. But just like Hades’ enchantment that made the rock keep rolling back downhill, it was resurrected when the Democrats took over.
It’s claimed the debt limit has been raised:
“at least 90 times in the 20th century and 74 times from March 1962 to May 2011, including 18 times under Ronald Reagan, eight times under Bill Clinton, seven times under George W. Bush, and five times under Barack Obama. In practice, the debt ceiling has never been reduced, even though the public debt itself may have reduced.”
The national debt isn’t the problem. It’s the symptom of a very real problem, and that problem is spending. Spending money we don’t have, money we’re borrowing. The United States recorded a Government Debt to GDP of 129 percent of the country’s Gross Domestic Product in 2022, according to initial estimates.”
Worse yet, we’re printing money that has no value, which inflames inflation, cancer that eats away at the very fabric of a stable economy and destroys society. Let’s also understand this isn’t a partisan issue; it’s an issue that encompasses both parties and the nation’s leaders.
Mitch McConnell wanted to give Ukraine another 45 billion dollars, and Biden gave away $858 billion American taxpayers hard earned money “subsidizing prosperous, populous Europeans, superfluous Middle Eastern monarchs, and cheap-riding Asian defense dependents.” Biden’s Secretary of State Blinken wants to give Turkey $185 million in aid because they had an earthquake. And they don’t even like us. As Senator John Kennedy (R) Louisiana asks, “Why are we giving money to countries that hate America? They should be able to hate us for free.”
“The total interest payments on the government’s debt could come in at nearly $580 billion this fiscal year, up from $399 billion in recently-completed fiscal 2022.” “The Peter G. Peterson Foundation figures that interest payments will run $8.1 trillion over the coming decade. That’s an average of $810 billion a year. By 2032 interest payments will be about $1.2 trillion a year, above expected military outlays.”
In 2022 the federal government confiscated over $5.0 trillion dollars, and most would think that should be more than enough to pay for everything, but not in the fantasy world of Washington. They spent 6.5 trillion, and don’t think that’s sufficient, in either taxation or spending.
This has become our ultimate Sisyphean task, only this isn’t mythology; it’s reality, and unlike that mythical characterization, this can’t, and won’t keep going on eternally.
No matter how much the federal government takes in, there will never be enough. Making drunken sailors look fiscally responsible, they spend wildly, irrationally, acting as if there are no consequences, and there’s no need to pay that money back.
Spending, that’s the Sisyphean curse, and it’s time the Republicans did something they’re not very good at. Stand firm! This is the time to force the Senate and the President to either make some massive cuts in spending, or shut down the government and be prepared to defend that position, and that position is defensible.
The federal government has assets so massive one has to be astounded, and this was in 2013.
The Institute for Energy Research estimated the worth of the government’s oil and gas technically recoverable resources to the economy to be $128 trillion, about 8 times our national debt. Further, the Congressional Budget Office (CBO) estimated that state and national coffers could generate almost $150 billion over a 10-year period from royalties, rents, and bonuses if these resources were immediately opened to oil and gas leasing.
The CBO study estimates are considered to be conservative when compared to historical data and estimates by other analysts and do not consider the earnings from taxes paid by these industries. IER estimated the government’s coal resources in the lower 48 states to be worth $22.5 trillion for a total worth to the economy of fossil fuels on federal lands of $150.5 trillion, over 9 times our national debt.
Most of the coal resources in Alaska are deemed to be federally owned and are estimated to be 60 percent higher than those in the entire lower 48 states but are not included in these estimates.
If they have the guts, they can refuse to increase the debt limit, and they can demand the federal government liquidate some of its 150 trillion in assets. With that money, they could pay back the money they’ve taken from Social Security to fund social programs, fund Medicare, and easily pay off the national debt. Otherwise, the national debt is the Sisyphean boulder that will keep rolling down the hill, eventually crushing all in its path.
The curse is spending. The cure is guts!
You mentioned 1917 which is the date of the creation of the Federal Reserve. Spending money we don’t have is what the big bankers love because they fund all these wars and money we give away. The Fed is essentially the clearing house for the banks.
You are 1000 percent correct the way forward is guts and courage to make difficult choices. Almost impossible in today’s climate in Washington DC, where PACS and Lobbyists have become the norm. Who is Congress serving.. the American people or the PACs and lobbyists? Further, no one in DC has any personal relationship with anyone on the other side of the aisle. As Hedrick Smith wrote in his book “Who Stole the American Dream?” …
“Members of Congress from both parties …would routinely visit each other’s homes for holidays or parties. This type of social interaction hardly happens and we are the poorer for it”.
Truth. And not only financially, but also in a societal sense as well. Society is forced to pick sides on everything with no one listening to each other. Personal relationships always creates a way around political roadblocks.
We need leaders who lead with empathy compassion courage and guts. Well said Rich.
Thank you! RIch