Ben Carson Warns That Federal Debt Could Lead To America’s Collapse

413

The massive mountain of debt facing the federal government could result in America facing the same type of cataclysmic collapse that saw the end of other once-great societies, Secretary of Housing and Urban Development Ben Carson said Thursday.

The current national debt is about $20 trillion.

“You go back to 17th century Spain, 18th century France, 19th century Great Britain, ancient Egypt, ancient Rome — every one of them knew that there was a problem, they did nothing about it and they collapsed,” Carson said.

“Are we going to face the same thing or are we going to be smart enough to learn from their examples?” he added.

Carson had been asked by Rep. John Culberson, R-Texas, to talk about “the need for members of Congress to be honest with our constituents and tell them how urgent it is that we rescue Medicare and Social Security from insolvency.”

Instead, Carson said the debt was the real dragon to be slain.

“Twenty trillion dollars, the national debt, just back it up to $18 trillion. If you tried to pay that off at a rate of $10 million a day, 365 days a year, it would take over 5,000 years,” Carson said.

“This is what we are putting on the back of our citizens,” he said. “Every one of those thousands of babies born today will come with a debt of $60,000 on their head. This does not go away. This is there. So we have to work within that reality. Almost every society had an opportunity to do this.”

The Treasury Department has said that Congress must act before August to raise the debt ceiling, or the federal government will no longer be able to borrow.

Addressing the debt was one goal of President Donald Trump’s budget.

Trump’s budget “would drive down spending and grow the economy. By 2027, when the budget reaches balance, publicly held debt will be reduced to 60 percent of GDP, the lowest level since 2010, when the economic policies of the last administration took effect,” the White House said.

“Under this plan, the debt will continue to fall both in nominal dollars and as a share of GDP beyond that point, putting us on a path to repay the debt in full within a few decades,” the budget plan Trump sent to Congress said, warning that the United States is “fast approaching having publicly held debt at or exceeding 100 percent of our Gross Domestic Product, a point at which hopes for a more prosperous future are irrevocably lost.”

“Faster economic growth, coupled with fiscal restraint, will enable us to fully fund our national priorities, balance our budget, and start to pay down our national debt,” Trump wrote in his budget message.

Share this story on Facebook and Twitter.Scroll down to comment below!

 Via: News Target  Source(s): Washington Examiner

Comments

comments