John Stossel: Trump impeachment — Congress, liberal media obsess while $23 trillion in problems is forgotten – Fox Business

Moodys Capital Markets Group Chief Economist John Lonski, Democratic strategist Capri Cafaro, GOP pollster Lee Carter and FOX Business' Neil Cavuto discuss the severity of America's debt and why Americans should be concerned.

Congress and the media obsess endlessly over whether President Trump should be impeached.

Both ignore $23 trillion of bigger problems.

That's how deep in debt the federal government is now, and because they keep spending much more than they could ever hope to collect in taxes, that number will only go up. It's increasing by $1 trillion a year.

IS AMERICA'S $23 TRILLION NATIONAL DEBT A PROBLEM?

Shut up, Stossel, you say. Youve been crying wolf about Americas debt for years, but were doing great!

You have a point.

(AP Photo/Mark Lennihan, File)

For many years, Ive predicted that government, to fund freebies both parties want, would print boatloads of money. That would cause massive inflation. I bought silver coins so I might afford a loaf of bread while the rest of you haul suitcases full of nearly worthless paper currency to the bakery -- or go hungry!

Clearly, that inflation crisis hasnt happened.

Thanks to Trumps contempt for the deep states love of endless regulation, businesses are hiring and stock prices are up. America isdoing great.

But while our deficits havent yet created a crisis, they will. You can stretch a rubber band farther and farther. Eventually, it will snap back -- or break.

We cant pay off our increasing debt -- unless were willing to tell the government to stop stationing soldiers in 80 countries, stop sending checks to poor people and old people, and stop paying for free health care for people like me. If the government did stop, the public would revolt.

Voters scream if theres even talkof cuts to Medicare or Social Security. But the programs are unsustainable. Social Security was meant to help the minorityof people who outlive their savings. When Social Security was created, most Americans didnt even reach age 65. Now its an entitlement for everyone.

USMCA WILL CARRY AMERICAN ECONOMY FORWARD: CHAMBER OF COMMERCE CEO

Social Security, Medicare, Medicaid and other federal health care spending account for about half of the federal budget, and because we old people rudely refuse to die, these entitlements consistently grow faster than the tax revenues meant to fund them.

Anyone serious about giving our kids a future has to be willing to make big cuts to those programs, or at least privatize them and let individuals make our own decisions with our own money.

But good luck to any politician who proposes that.

By contrast, voters dont get stirred up as we just quietly sink further and further into debt.

So politicians demand even more spending.

Earlier this monthSenate Minority Leader Chuck Schumer said appropriations bills wont get passed by the end of the year unless Republicans agree to spend significant resources on fighting the opioid epidemic, gun violence, child care, violence against women, election security, infrastructure, etc.

With a Democratic House consumed with impeachment, there is very little appetite for the sorts of common-sense fiscal policies that could rein in our out-of-control deficits and debt, says Republican Sen. Ted Cruz.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

That implies that if Republicans were in charge, they would restore fiscal order. But theres little evidence of that. Republicans talk about spending cuts and responsibility but rarely cut anything.

Democrats want new social programs. Neither party wants to reduce the military budget. Trump wants his wall and tariffs. Farmers, once proud independent capitalists who criticized welfare, now get 40 percentof their income from the government.

The federal budget is on an unsustainable path, says Federal Reserve Chair Jerome Powell.

No matter who you vote for and no matter what speeches they make, none of them is doing anything to put us on a sustainable course. Its too bad.

Fortunately, thanks to the inventiveness of American entrepreneurs, our economy keeps creating new wealth for politicians to grab.

That might mean Congress wouldnt have to cut spending for America to gradually grow our way out of this terrible debt. All theyd need to do is make sure spending goes up slower than the rate of inflation.

They wont even do that.

John Stossel is the author of No They Cant! Why Government Fails -- But Individuals Succeed.

CLICK HERE TO READ MORE ON FOX BUSINESS