Posted on 11/01/2019 3:12:07 PM PDT by Berlin_Freeper
The federal government's outstanding public debt has surpassed $23 trillion for the first time in history, according to data from the Treasury Department released on Friday.
Growing budget deficits have added to the nation's debt at a speedy rate since President Trump took office. The debt has grown some 16 percent since Trump's inauguration, when it stood at $19.9 trillion. It passed $22 trillion for the first time just 10 months ago.
Of the $23 trillion figure, just under $17 trillion was in the category of debt held by the public, which is a more useful gauge of the debt the government has to pay down, and the number typically used in calculating the nation's debt burden. The other $6 trillion comes from loans within government bodies.
Still, the $23 trillion figure marks a milestone.
“Reaching $23 trillion in debt on Halloween is a scary milestone for our economy and the next generation, but Washington shows no fear," said Michael A. Peterson, CEO of the fiscally conservative Peter G. Peterson Foundation.
(Excerpt) Read more at thehill.com ...
But we can find $52 trillion for free health care. Trust us.
The difference is...the people got nothing.
How did they calc previous debt?
It’s not real money and will never be paid off.
It’s only a matter of time before the economy collapses. The fun begins when the SNAP cards no longer work.
One presumes that, at some point, there will be a day of reckoning. It is imperative that the economy keeps growing. Under Trump, the debt has been growing about 3% a year, while the economy grows maybe 2% a year. At a minimum, we need to flip those numbers.
Go ahead and triple it. At least. What difference does it make? /sarc
Or the free EBT cards. Look hat happens when the EBT computers go down at WalMart.
One big asteroid hit and we are debt free.
Of course, the Fake Media (including The Hill) had NO INTEREST in the increase in the national debt when the Kenyasian Usurper was in office. It's only now, that a Republican is in office, that the national debt matters.
How did they calc previous debt?
Same way.
The first thing Obama did as President is get Congress to pass a trillion dollar “stimulus” bill that went “poof” in a cloud of political correctness. No one knows where the money went.
JOHNSON SLASHES DEFICIT ESTIMATEThe national debt was $316 billion in 1964 (nominal dollars). That is equivalent to $5.2 trillion today (adjusting for inflation and population).
EDWIN L. DALE Jr.
Special to The New York Times
JAN. 7, 1964WASHINGTON, Jan. 6—President Johnson's budget will project a deficit of $6 billion to $7 billion, far less than had previously been expected, it was reliably reported today.
As recently as a month ago a deficit as high as $10 billion had seemed likely. Both figures allow for the effect of the proposed tax cut.
Two things have changed the picture. One is the President's success in reducing the spending figure in the budget from about $103 billion to about $100 billion. The other is a surge in receipts at the end of last year, which has led to an increase in the projection of receipts in the next budget.
Instead of about $92 billion, receipts are now reportedly estimated nearer to $94 billion, using the same conservative estimating procedures always employed.
Even if it’s pretend money, there will come a point when our credit risk is too high and debtors will stop lending us money. Then the SHTF.
Democrats only care about deficits when Republicans are in the White House. Republicans only care about deficits when Democrats are in the White House.
Obama doubled the National debt during his eight years adding 9 trillion.
The difference is...the people got nothing.
...
Yep. On a percentage basis it was much worse under Obama and the economy didn’t grow.
Having said that, economic growth and productivity are much more important than debt.
The United States has had a few instances of severe debt during its history and we still managed to develop into world’s lone superpower.
The real Hockey Stick Graph.
I’m sure Moody’s, S&P, and Fitch are giving the US aaa ratings.
They learned their lesson during the O years not to downgrade.
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