House passes measure overturning Biden’s student debt forgiveness program This material may not be published, broadcast, rewritten, or redistributed. Follow him on Twitter TagsĬopyright 2023 Nexstar Media Inc. Department of State’s Bureau of International Security and Nonproliferation, as well as an Obama administration appointee at the U.S. Marik von Rennenkampff served as an analyst with the U.S. That Republicans continue to engage in political brinksmanship over the debt – a crisis overwhelmingly of their own making – is unconscionable. Make no mistake: The debt is a glaring symptom of the dangerous inequality at the root of the political, cultural and social schisms now dividing America. 6, 2021, riot had significant financial problems.) (Case in point: Most of the individuals arrested following the Jan. Since economic distress is closely correlated with the rise of extreme political ideologies, it should come as little surprise that this demographic makes up Trump’s base. Those who lost the most over the past four decades – white, blue-collar Americans – now confront an epidemic of deaths of despair (deaths by alcohol, suicide, opioids and other drugs) unheard of elsewhere in the world. How foreign businesses can avoid China’s espionage trap We know firsthand: Public health security is national security Any hope of reducing, let alone eliminating, the debt was shattered for decades to come. 11, 2001, jihadist attacks, newly-elected Republican President George W. The United States was on track to eliminate the entire national debt – yes, all of it – within a decade.īut just a few months before the Sept. Then, in 2000, President Bill Clinton left office with historic budget surpluses. As one Reagan and Bush administration official put it, “In the Reagan years, more federal debt was added than in the entire prior history of the United States.” In a striking abandonment of decades of sound tax policy, President Reagan’s cuts overwhelmingly benefitted the ultra-wealthy.Īt the same time, the Reagan administration spent trillions on a massive – and thoroughly unnecessary – military buildup.ĭespite negligible economic growth from Reagan’s massive tax cuts for the wealthy, the federal debt tripled. In 1981, Republicans (with a major assist from conservative Southern Democrats) passed the then-largest tax cut in history. In both instances, Democratic presidents passed the baton to Republicans who proceeded to balloon the debt, demolishing any hope of paring down America’s IOUs. Twice in recent history – in 19 – America was on track to eliminate the federal debt.
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