This podcast episode is on the national debt and the federal government's yearly deficits. Our guest is Nicholas Giordano, Professor of Political Science at Suffolk County Community College in New york, part of the SUNY system.
Federal Deficits and the National Debt with Professor Nick Giordano
Professor Giordano is a former Catastrophic Planning Lead for the New York State Office of Emergency Management. He teaches courses on American Government and World Politics/International Relations. He has appeared on Fox News, providing analysis on current issues and trends within government, politics, international relations, homeland security/emergency management, and social/cultural related issues.
The current national debt is either about $23 trillion or about $200 trillion, depending on which accounting practices are used. The latter figure includes unfunded liabilities, which only governments get away with ignoring.
Deficits have been run each year by our central government's Congress and President, regardless of which party in power. Evidently one clear broadly bi-partisan position in D.C. is that it is fine to borrow money from our grandchildren to pay for whatever they want today. The total debt has steadily climbed for many decades, with it doubling during all of the recent presidential terms.
The debt per year is shown at the link below from 1916 to 2019, with 2020 and 2021 estimated, using data reported by the U.S. Treasury.
This bill will eventually come due. What will happen to the U.S. economy then? We don't know, but it won't be pretty. The current system is not sustainable, and the central government's mainstream politicians continue to ignore it.
One of the three topics in an Article V convention for proposing amendments being pursued by Convention of States Action is mandating fiscal responsibility on the central government.
An amendment to the U.S. Constitution proposed and ratified by the individual states--without involving D.C.--may be the only way to stop Congress and the President from a ludicrous level of borrowing.
The Founders foresaw situations such as this, where the problem would be the federal government. Congress and the President are unlikely to enact limitations on themselves that reduce their own power, and the Supreme Court is fully on board the expansion of federal power. One way to deal with this without waiting for an economic collapse is to follow the convention process under Article V.
U.S. National Debt By Year 1929 to 2021
Year Debt Debt/GDP
2020 est. $24T 106%
2019 $22.8T 106%
2018 $21.5T 105%
2017 $20.2T 103%
2016 $19.6T 104%
Professor Giordano hosts the weekly "PAS Report" Podcast, available on standard podcast applications including Apple Podcast/iTunes. This show is recommended for in-depth analysis of current events from a factual, historical, and constitutional perspective. Nick's PAS Report does this without the drama, misrepresentation, and indoctrination common in legacy media today.
Federal Deficits and the National Debt with Professor Nick Giordano
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