National debt crosses barrier as it piles up at $268 million per hour, 24-7

NEWS AND OPINION:

So the U.S. national debt now stands at $35 trillion. That hair-raising number, reported by the Treasury Department, looks like this: $35,000,000,000,000.

Yes, there are a dozen zeros in this grand sum, which House Budget Committee Chairman Jodey Arrington calls a “milestone” and an alarming one.

“I believe Republican leadership in 2025 is our last best hope to restore fiscal responsibility before it’s too late,” the Texas Republican said.

Mr. Arrington also breaks down this phenomenon to smaller numbers.

“The gross national debt is currently $35 trillion. This equates to $104,497 per person, $266,275 per household, $483,889 per child,” he said in a written statement.

“The debt one year ago was $32.65 trillion, meaning that the debt has increased by $2.35 trillion over the past 12 months. This rate of increase equates to: $196 billion in new debt per month, $6.4 billion in new debt per day, $268 million in new debt per hour and $4.5 million in new debt per minute,” Mr. Arrington said.

And one more: The debt increased by $74,401 per second, he said.

ACTION ON THE COURT

Why is the White House so intent on overhauling the Supreme Court these days? Some news reports suggest that increasing the number of justices is one primary motivation. But there’s more.

“It’s a good political ploy. It certainly will help to energize a Democrat base that’s reeling from a lot of disorder and uncertainty lately. But ultimately, these are the kinds of proposals that, I think, not likely to be adopted, but if ever adopted, they would really politicize the institution,” Leonard Leo, chairman of the Federalist Society, told Fox News Digital.

It’s a tricky business, however.

“President Biden putting the Supreme Court into play does have the potential to energize conservatives in the presidential election,” Mr. Leo said.

“We know from experience that the court issue has always motivated conservatives and Republicans more than it motivated Democrats and liberals. So there’s a good chance that by putting this issue in full view, it just allows the Trump campaign and Republican candidates for the Senate and House to talk about the successes we’ve had with the Constitution and the rule of law, the Supreme Court over the past several years, and that we should want more of the same. So it could potentially backfire,” Mr. Leo noted.

“This debate is motivated by the fact that President Biden and Vice President [Kamala] Harris, and Democrats in the Senate, can’t stand the current Supreme Court,” he said.

“They hate most of the rulings in big cases, even though those rulings are probably embraced by most Americans. They’re upset about the Dobbs abortion case. They’re upset about the Second Amendment cases. They’re upset about the fact that the Supreme Court’s finally putting checks on the regulatory and the administrative state. And so that’s what this is really all about. It’s a motivation to clip the wings of a court that they don’t agree with,” Mr. Leo said.

SCHOOL ON THEIR MINDS

Parents around the nation have been shopping for school supplies since early July, the National Retail Federation reported.

In case you wondered, parents and guardians with children in elementary school through high school plan to spend an average of $874.68 this year on clothes, shoes, electronics and school supplies.

“Total back-to-school spending nationwide is expected to reach $38.8 billion, the second-highest figure on record, after last year’s high of $41.5 billion,” the federation said in its report.

“While shopping is well underway, the majority (86%) of consumers still have at least half of their purchases left to complete. The top reasons consumers still have shopping to do are because they are waiting for the best deals (45%) or they don’t know what is needed yet (45%),” the report said.

“College students and their families are expected to spend an average of $1,364.75 on items for the upcoming school year, in line with last year’s record of $1,366.95. Total back-to-college spending is expected to reach $86.6 billion, the second-highest figure in the history of the survey. Last year, total spending was forecast to hit a record $94 billion,” the report added.

These findings are based on a poll of 7,533 U.S. adults conducted online July 1-8.

NIGHTSTAND READING

Just published by The Heritage Foundation, the title says it all: “A Nuclear Posture Review for the Next Administration: Building the Nuclear Arsenal of the 21st Century.”

This comprehensive report was released Tuesday and states that “China is the fastest growing nuclear power on the planet, building roughly 100 new warheads every year.”

]It also says that most warheads in the U.S. arsenal “are older than the median age of the average American.“

Curious? Find the report at heritage.org/defense — scroll down a little to find the title.

“Inaction is not an option. A world where the United States suffers nuclear disadvantage while our adversaries enjoy nuclear advantage is a world where nuclear war is more likely. As such, the United States must embark upon a program to build and field a larger and more diverse nuclear arsenal to deter autocrats and safeguard American interests,” Robert Peters, author of the report, said in a written statement.

POLL DU JOUR

• 86% of U.S. adults who rent their home would like to buy a home but can’t afford one.

• 68% of this group say their family owned a home when they were growing up.

• 12% of that same group think it is “very likely” that they will eventually be able to afford a home.

• 34% think it is “somewhat likely” that they will be able to afford a home.

• 30% think it is “not too likely” they will be able to afford a home.

• 24% think it is “not at all likely” they will be able to afford a home.

SOURCE: A CNN/SSRS poll of 974 U.S. adults who do not own their own home, conducted by mail and phone June 3-24 and released Monday.

• Contact Jennifer Harper at jharper@washingtontimes.com.