This past week, Sen. Rand Paul (R-KY) has issued his extreme criticism towards his colleagues in Congress as the United States’ national debt rapidly approaches the $30 trillion level.
In the wake of Congress’ failure to increase the debt ceiling over the summer, the federal government is sitting at risk of defaulting on its obligations. Mitch McConnell (R-KY), the Senate Minority Leader, offered Democrats a small short-term deal that will seek to fund the government through the rest of the year, all the while, Democrats are trying to push through their $3.5 trillion social welfare budget that in effect combines many provisions of Old Uncle Joe’s American Jobs Plan and American Families Plan.
During both of these developments, Paul issued a speech on the floor of the Senate concerning the much more broad fiscal irresponsibility of federal lawmakers.
“We’re rapidly approaching a milestone in our country, and it’s not a good one — $30 trillion in debt,” stated Paul this past Thursday. “Isn’t there some sort of ramification to so much borrowed money?”
“People are saying we’re going to give you free college, free cars, free cell phones, free this, free that,” continued Paul. “Everything in life will be free; you won’t have to work anymore. The problem is there are ramifications. Money doesn’t grow on trees; money’s got to come from somewhere.”
Paul went on to note that the government’s options seem to be borrowing more money, raising everyone’s taxes, or just printing more currency, the last of which only leads to “the insidious tax of inflation.”
“Right now, we’re facing 5% inflation because of the massive borrowing that both parties instituted in the last year,” he stated. “They decided that the result of the pandemic would be to close everything down, destroy the economy, and then give everyone free money … Both parties have a certain responsibility to this. At least some members of both parties.”
Paul argued the stance that many more Americans will grow heavily dependant on “free stuff” from the government as its purchasing power starts to erode. “The allure of something for nothing — this is the allure of socialism.”
In an example of extremely poor spending discipline, Paul highlights several studies that were funded by the National Science Foundation, even including on such project that costs over $1 million that looked into whether Japanese quail who were dosed with cocaine seemed to see an increase in their sexual promiscuity. “How did we get to a $30 trillion debt? Because there’s studies like that littered throughout the budget.”
“We are spending money right and left. The Right spends it on military adventure, the Left spends it on welfare,” continued Paul. “The compromise that always happens around here is that Right comes together with Left and they all agree to … spend it on both.”