BY DR. GLENN MOLLETTE
Most Americans could use an extra $5,000. President Donald Trump is dangling that amount before Americans if Republicans are able to retain control of the House and Senate.
The estimated cost of such a payout would be about $1.2 trillion.
The president is calling it a “dividend.”
I voted for our president twice. I would vote for him again, but I think this is a terrible idea. He may believe another trillion dollars in debt is the lesser of two evils.
I cannot blame him for wanting his party to hold on to Congress, but this is too much.
Our nation is already carrying more than $40 trillion in debt. How much more can we continue to borrow, and who ultimately suffers from it? We all do.
The country is also facing a serious Social Security funding problem. Without congressional action, the combined Social Security trust funds are projected to exhaust their reserves in 2034, at which point incoming revenue would be enough to pay about 83% of scheduled benefits.
Young adults are also struggling with college debt that many will spend years repaying. Interest rates on new federal student loans for the 2026-27 academic year range from 6.52% for undergraduate loans to 9.07% for PLUS loans.
I do not see how a government carrying $40 trillion in debt can continue promising both more spending and lower taxes indefinitely. At some point, the bill comes due.
Promising Americans a $5,000 dividend is dangling a carrot in front of millions who are financially struggling. That money would buy groceries, perhaps pay off a credit card or help make a car payment. Most Americans are not in a position to turn down such an offer.
Is that buying votes? Campaign promises of government benefits are nothing new, and politicians of both parties have long promised voters financial benefits if elected.
Whether this particular promise ever becomes law remains to be seen. Congress would have to approve the spending, and no payment has been authorized.
Politicians have made promises before that did not come to fruition.
All the while, gasoline is outrageous, groceries are sky-high, and the war with Iran had cost the United States $37.5 billion as of late July.
Who will ultimately pay the $40 trillion national debt?
You, your children, your grandchildren and generations to come.
Dr. Glenn Mollette is the author of 15 books. He is a graduate of Georgetown College, Southern Baptist Theological Seminary in Louisville, Kentucky, and Lexington Theological Seminary in Lexington, Kentucky. He is the founder of Newburgh Theological Seminary in Newburgh, Indiana. His column appears in more than 600 media outlets nationwide.