[Just the News] The $1.9 trillion COVID-19 relief bill will bring the U.S. national debt to $30 trillion, Massie said.Rep. Thomas Massie (R-Ky.) is warning the United States may soon face severe consequences as a result of its astronomical national debt.
Massie explained to the John Solomon Reports podcast that as the U.S. national debt nears $30 trillion with the current $1.9 trillion COVID-19 relief bill, the government's interest rate will rise and creditors may soon stop lending it money.
"I was that guy on March 27 that CNN called 'the most hated man in Washington, D.C.,' because I have the gall to stand up and say if you're going to spend $2 trillion, you need to show up and vote on it. And I had everybody's ire that day, but - and I predicted that this would get out of hand, this would become a regular occurrence, and we'd be spending a trillion or $2 trillion at a clip. You're right, we're at 28 trillion. I've got a debt clock here in my office. And this is the bill that could put us up to $30 trillion, which was a prediction that I made back this summer," Massie said.
"So this bill is gonna push us to $30 trillion. I mean, that's insane. To think about that - seven trillion spending, seven trillion in debt in one year, and typically those numbers are one trillion of deficit and one trillion of spending."
Massie continued, "I mean, let's say we've got $28 trillion in debt, and we've got a 28 trillion-dollar GDP. Here's another - if your interest rate goes to four percent, well, four percent of 28 trillion, that's how much of your GDP is being wasted. And when - and what I tell people is, not just four percent of all labor, but four percent of the robots' labor in this country is wasted, right? Four percent of the 3-D printers, an effort is wasted on the interest on the debt."
The congressman detailed the consequences of such a high national debt. "I feel like we're kind of almost headed where Puerto Rico got to. You know, Puerto Rico - the only thing that stopped them from spending more money was when their creditors quit lending it to them. And that's, you know, typically, if you're in debt or about to go bankrupt, you don't come to that realization until people quit loaning you money," Massie said.