Partisan politics driving U.S. debt
To the editor:
The U.S. national debt is about $31.5 trillion now. Most of that debt comes from funding wars overseas, including benefits to the veterans injured or killed. Japan, China and the United Kingdom own most of our national debt. Recently Fitch Ratings lowered the nation’s credit score citing “…deterioration in the standard of governance” after the MAGA Republican caucus in Congress threatened to hold their breath until blue before voting in favor of raising the debt ceiling.
According to the nonpartisan Congressional Budget Office the degradation of our credit score could result in even higher interest payments if our debt holders adopt Fitch Ratings. Paying higher interest to service debt could increase from the current 2.7% interest rate payment on our national debt. The Congressional Budget office expects the interest rate might jump by 32.3% to a 4% interest rate. Check my math, but a $310 billion annual tax increase; just to stay in debt, is not something I want to trade for a Greg Steube, Byron Donalds’ photo op with Marjorie Taylor Greene pitching a deterioration in the standard hissy fit.
Those holding our debt are unamused by individual congressional narcissists seeking to “raise their profile” by recklessly engendering unnecessary tax hikes. Japan, China and UK own our debt. The same chest-pounding yahoos bellicose to China and itching for a fight in the China sea, are the same MAGA congresspersons acting out on the debt. We don’t have a lot of wiggle room in the goodwill from our national debt holders.
Speaking of deterioration of governance, own local Florida Congressperson Greg Steube, eager to curry favor with the MAGA crowd, wants everybody to watch as he files for impeachment, ‘cus …why not? Impeachment is being used as a beachball to be bounced in the chamber of the House where Florida reps don’t wanna do the harder work of bipartisan governance. Such petulance should be reserved for afternoon naps, not matters of national consequence.