Unfortunately, I studied economics and finance, otherwise I could be comfortably sleepwalking like our current political leadership in Washington DC. They are passing bills that burden the national budget with trillions of dollars of debt. First, there was the $1.9 trillion American Rescue Plan that was passed in March. There is also a proposed $2.5 trillion infrastructure bill and $1.8 trillion families plan on the table. These initiatives along with the other budget items add up to a proposed $6 trillion budget for 2022. It reminds me of Senator Everett Dirksen who allegedly said back in the 1960s, “a billion here, a billion there, and pretty soon you’re talking about real money.”

But the difference is that a trillion is not just a billion here and a billion there — it is 1,000 billion here and 1,000 billion there. These numbers are huge, and the only way we can see them is by example. Consider for a moment how much money one trillion dollars is in actuality, by relating it to time. Our federal government rakes in from all revenue sources roughly $4,000 every second. Imagine if one-quarter of that was set aside for debt relief. If the US government could repay the national debt at a rate of $1000 per second, this would be $60,000 in a minute, $3.6 million in an hour. At that rate, $86.4 million dollars would be coming off the national debt daily. That seems like a lot of money, doesn’t it? Yet, even at that rate, $1000/second, $86.4 million dollars a day, it would take the government 32 YEARS to pay back just one trillion dollars.

Now consider that with the rescue plan already passed and infrastructure bill and families bill and other items in the 2022 budget being considered, the total would be in the neighborhood of $6 trillion. At the $1000/second, $86.4 million/day rate, it would take nearly 200 years (!) to pay off that amount. That is how much money is being spent by our government in Washington. Now, take a deep, deep breath, sit down and have smelling salts ready — we are already over $28 trillion dollars in debt! (Translation: it would take NINE CENTURIES at $1000/second to pay off our entire current national debt.)

This binge spending has already impacted the economy. The Consumer Price Index, which tracks the cost of housing, energy, and a variety of consumer goods has seen a rise of 4.2 percent from this time last year, the largest yearly increase in almost 15 years. The price of gas (the one cost that almost all Americans focus on) has risen recently to a seven year high, and is still climbing. The editorial page of the Wall Street Journal recently noted how the dominos may already be beginning to fall, “Workers demand higher wages to keep up with prices; businesses pay to keep those workers and then raise prices to compensate. Workers then demand high wages as expectations are hard to break.”

What is going on in the swamp, excuse me, Washington DC, impacts us at every level. Inflation will come as sure as the sun will rise, and if it is anything like what happened in the 1970s and 80s, it will burst a lot of bubbles. Those under 50 have never lived with inflation, but it was dreadful. I remember buying my first house in 1981 with a 15% interest rate, and that was with a VA mortgage rate! At the end of one year of payments on my thirty-year mortgage, over 95% went toward loan interest leaving less than 5% toward home equity. Yes, if an individual had money, they could make a killing on investments, but for the rest of us, it was a deep valley of economic despair.

Inflation does not just hit family budgets, it hits other government entities’ budgets, which also impacts us at the ground level. Unlike the federal government, boards representing our schools, boroughs, townships, city, and county cannot just wish their budgets to balance. If inflation hits these budget needs, something has to give — which means a budgeted cost item will need to be cut, taxes will have to be raised, or money will have to be borrowed. It is extremely frustrating for these institutions to work hard to set aside funds for an important project, only to find that an unexpected rise in costs delays and sometimes even kills the initiative. Inflation makes planning and budgeting a nightmare for everyone.

See for yourself — check out https://usdebtclock.org and in real time see how the government continually spends more than it takes in, faster than $1000/per second. Contact our US Congressman Fred Keller and our US Senators Pat Toomey and Bob Casey Jr. and tell them it is about time for some financial sanity in the federal government. Every second counts, and later is going to be too late.