Our government has been kicking the can down the road for generations. How long? Since the Eisenhower administration. Essentially, for my entire life. During that time, as The Blaze podcaster Jonathon Dunne (who will be visiting from Ireland early next year) observed, the debt generated in each eight-year presidential term since Eisenhower got matched in the successive four-year term.
To put it simply, our federal government’s rate of spending has essentially doubled every 12 years since the 1950s. At the end of George W. Bush’s eight-year term, the national debt had totaled more than $9 trillion. That doubled during President Obama’s eight-year tenure. And the spending rate has accelerated under President Trump, totaling over $26 trillion today. And we still may not have seen the end of the Covid-19 pandemic’s artificial spending stimuli.
This is simply unsustainable. As Herb Stein, President Nixon’s chief economist said in the 1970s, “If something cannot go on forever, it will stop.” At some point, the music will stop. And most Americans, unfortunately, will be left without a chair. In particular, younger Americans who will have to pay for today’s spendthrift political spending habits.
That’s why we’re returning to our roots with the topic of our October meeting our unsustainable national debt, with Weston Wamp, founder of The Millennial Debt Foundation, as our speaker this Thursday, Oct. 15, at 6:30 p.m. Mr. Wamp will speak for about 15 minutes and invites attendees to come with plenty of questions.
We will meet in person at our regular site, the Century Club Banquet Hall, 3221 Harrison Pike, Chattanooga, TN 37406. Just take Access Road, which runs parallel to Highway 153, south from Amnicola Highway and the Highway 153 exit. The building lies at the corner of Access Road and Harrison Pike.
We’ll see you then!