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Mazzei Minute: 01/26/24

Is anyone serious about dealing with our national debt? We just crossed the $34 trillion mark. We completed our first year of having to borrow all the money needed to pay the regular operational costs of the U.S. annual budget of about $1.7 trillion, and we now are making interest expense payments that exceed $1 trillion.

We are on the path to financial ruin lest thoughtful public servants face the problem with resolute intensity. President Biden doesn’t seem to mind the debt problem; the White House is run by radical left leaning elites that have fallen for the crazy notion of Modern Monetary Theory, which purports that borrowing unlimited funds isn’t a problem, as long as inflation stays under control.

Well, that didn’t work so well, as every regular American has watched their own bills go up about 30%. I am concerned that Donald Trump, the presumptive GOP nominee for president, has never been particularly worried about debt either.  

Like it or not, our next President will have to do something. The Social Security trust fund runs out of money in 2033, and benefits will be cut by a whopping 23%. Neither Biden nor Trump have offered any solutions. To Nikki Haley’s credit, she has offered some reasonable ideas to fix Social Security, but she’s taken some heat for the audacity of confronting our spending and debt problem.  

It looks like we are headed for a Biden versus Trump rematch. Whoever wins will bear the leadership responsibility for fixing our finances. Hopefully, the winner will listen to the smart minds in Congress—including our own U.S. Representative Kevin Hern, who is offering real proposals to get our house in order.


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