Americans have said time and again that they believe the country is on the wrong track.
Meanwhile, the Biden administration and Democrat lawmakers ignore their pleas for a new course.
That’s why Joe Biden is furious as this pollster reveals growing anger brewing in America over this major problem.
U.S. National Debt has nearly doubled in the past decade
The U.S. National Debt is out of control and there’s no sign of slowing the reckless spending.
Joe Biden has acted as an arsonist and poured gasoline to the already large fire by signing off on the most recent $1.7 trillion spending bill.
And that was just one of his spending bills!
Now thanks to a poll by Rasmussen Reports, we finally know exactly how Americans feel about the ballooning debt. It’s not surprising to see that Americans are furious, and growing more so by the day.
That’s because the National Debt has nearly doubled in the past 10 years growing to a staggering $31.5 trillion.
And over 75 percent of those polled said that they are concerned with the current level of the American debt.
More than half consider themselves “very concerned” with the problem, while only one in five aren’t concerned at all.
Most shocking of all is the concern about the debt doesn’t split on party lines.
Nearly 70 percent of Democrat voters polled were at least “somewhat concerned” with the debt problem.
Independents and Republicans showed even less faith in the government—with 73 percent and 87 percent responding that they were also concerned.
61 percent of voters say that omnibus spending is a “disaster for our country”
The poll that was conducted in the first few days of January also directly addressed the December omnibus spending bill.
When asked directly about the $1.7 trillion bill, 61 percent of likely voters described the bill as a “disaster for our country.”
That group was comprised of about 46 percent Democrats.
And only one third of Democrats stated that they “strongly” support the spending bill.
The skyrocketing debt problem is likely the main reason for voters rejecting the spending bill.
The contents were withheld from the public until after the vote – but most Americans didn’t want to see it pass even before they knew what was in it.
The debt problem isn’t new in America but it’s now worse than at any other time in American history. The $31 trillion debt represents 121% of the nation’s GDP, higher than it has ever been.
The Penn Wharton Budget Model predicts that the national debt will rise to 225% of GDP by 2050 with no signs of slowing down.
Their December report notes, “current U.S. fiscal policy is in permanent imbalance as current debt plus projected future spending outstrips future tax revenue.”
Permanent tax increases might be necessary
The idea that this imbalance is seen as “permanent” should be concerning for all Americans.
Especially since the Penn Wharton report suggests that we would need “to permanently increase tax revenues by over 40 percent or reduce expenditures by 30 percent” to bring our budget back into balance.
You can predict which one Members of Congress will choose.
Japan is currently the “largest debt as a share of the economy in the entire industrialized world” according to the Manhattan Institute – but America is on pace to exceed even their debt.
The U.S. is coming to a point where they won’t have many options to avoid default.
Brian Riedl, senior fellow at the Manhattan Institute says that the “real danger” is in waiting to do nothing.
He says if the government commits to spending cuts now then “the economic pain can be minimized.”
U.S. Political Daily will keep you up-to-date on any developments to this ongoing story.
