Posted on 02/01/2022 1:56:21 PM PST by NohSpinZone
America's national debt just hit another sobering milestone.
Total public debt outstanding is now above $30 trillion, according to Treasury Department data published Tuesday. Government borrowing accelerated during the Covid-19 pandemic as Washington spent aggressively to cushion the economic blow from the crisis. The national debt has surged by about $7 trillion since the end of 2019. It's impossible to know how much debt is too much, and economists remain divided over how big of a problem this really is. But the latest debt milestone comes at a delicate time as borrowing costs are expected to rise.
After many years of rock-bottom interest rates, the Federal Reserve is shifting into inflation-fighting mode. The Fed is planning to launch its first series of rate hikes since 2015. Higher borrowing costs will only make it harder to finance that mountain of debt.
"It doesn't mean a short-term crisis, but it does mean we are going to be poorer in the long term," said David Kelly, chief global strategist at JPMorgan Asset Management.
(Excerpt) Read more at cnn.com ...
This is the place for the BIDEN STICKER that has him pointing and saying, “I did that,” with a big smile of his face.
Don’t forget to subraction the trillions of dollars china owes us for releasing covid.
Sarcasm is real. That said, getting what is owed is easier said then actually getting what is owed out of China, who btw, has nukes......
Not happening.
“Federal Reserve is shifting into inflation-fighting mode”
A friend who is well versed in economics said we can’t pull a 1980 style David Stockman raising of the interest rate. We are too far in debt.
An interest rate high to influence inflation would mean an astronomical amount of money to service $30 trillion in debt.
How about the $1 trillion + China owes American owners of Chinese treasuries they haven’t paid on in decades.
The debt is a miniscule amount compared to the absolutely enormous unfunded liabilities.
Bravely ran away
It’s complete BS that they are shifting into “inflation fighting.” The inflation is INTENTIONAL. They are using inflation to debase the currency and reduce the value of the massive debt. They aren’t fighting inflation, they are banking on it.
The only exit door they are keeping in play is a Great Reset…such as WW2 was, only on a far bigger magnitude.
‘enormous unfunded liabilities’ this is what COVID was created to fix.
This really resonates truer....”BUILD BACK BROKE”....🙁
Meh, adjusted for inflation that’s like 7 bucks.
Yeah, not a happy camper here over this.
Watch how fast we get to $50 trillion.
We are on suicide watch.
funny (through the grimacing over the real situation)
Who was it recently who asked if the German runaway inflation between world wars made a loaf of bread cost a wheelbarrow of mark notes, then how much did the wheelbarrow cost and how did they pay for it?
The U.S. federal government is OOC.
All of it.
We will be lucky to survive this shit.
5.56mm
Congress controls the government purse strings. They are responsible for the government debt.
Mitch McConnell has been the senate’s Republican leader since 2007. Longer than any other active legislative leader.
In 2007, the national debt was 9 trillion dollars.
In 2022, the national debt is 30 trillion dollars.
For a website where Conservatives can punish themselves every day...
U.S. Debt Clock
Only a matter of time before we reach eleventy billion
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.