Will be 172 trillion in no time.
Posted on 10/05/2022 5:30:23 AM PDT by Red Badger
The national debt of the United States blew past $31 trillion for the first time ever Tuesday, a grim milestone that comes amid soaring interest rates that threaten to strain the government's finances.
It comes just nine months after the last milestone of $30 trillion, according to the Committee for a Responsible Federal Budget, and only five years after reaching $20 trillion. The unprecedented spree of government borrowing brought forth by the COVID-19 pandemic, and further borrowing to stimulate the economy, has helped to contribute to the majority of this figure.
SOARING INTEREST RATES MEAN DEBT RECKONING COULD COME YEARS SOONER THAN THOUGHT
"This is a new record no one should be proud of," Maya MacGuineas, president of the CRFB, said in a statement. "In the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions. Just in 2022, Congress and the President have approved a combined $1.9 trillion in new borrowing, and President Biden has approved $4.9 trillion in new deficits since taking office. We are addicted to debt."
The U.S. debt reached new heights due to increased spending during the wars in Iraq and Afghanistan following 9/11 and has been on an upward trajectory ever since.
"Even more troubling than where the debt stands now is where it’s going. Our nation faces significant fiscal challenges in the near term. Medicare is only six years from insolvency, and Social Security insolvency is only 12 years away. Yet policymakers have put forth no plan to put either program on strong fiscal footing," MacGuineas said.
A growing national debt can place strains on the government.
Rising federal debt means greater interest costs for the government, making it harder to spend on other needs, such as the social safety net and the military. Greater spending on interest payments, in turn, raises the debt and borrowing costs, raising the threat of a debt spiral.
A trillion here, a trillion there ... pretty soon you’re talking real money.
For every 1% increase in the Fed rate, it means $310 billion dollars per year in additional interest payments. Now, that isn’t going to happen tomorrow—but as the government rolls their debt it will accumulate.
And the Fed rate has gone up a lot in the part 15 months.
It will happen slowly…then all at once.
U.S. of Brandon.
Brandon bless us all.
In Brandon we Trust.
Don’t forget to give tilth to Brandon.
Good going Brandon! Your name is on these two major “milestones”...and you did it before half way through your term. Something’s gotta give.
It’s the same as buying a new car, then trading it in next year for another new car without paying off the loan for the first new car. They just roll that debt into the cost of the newer car.
Then doing it again the next year, and the next and the next, ad infinitum.
The only problem is that banks and loan companies will not do that more that once or twice, since the cost of the loan will out pace the value of the car.
I had a friend do this for three new cars and he wound up owing more in previous loan rollovers than the car costed and he eventually had to declare bankruptcy.
The only brake the Congress has is the voters, and the Dem voters are financially ignorant morons...................
It seems like just yesterday that we past 20 trillion.
Woohoo!! 🎉🎉🎉
Now add in unfunded liabilities!!
Time for World War III and the Great Reset?
(SOARING INTEREST RATES MEAN DEBT RECKONING COULD COME YEARS SOONER THAN THOUGHT)
We’ll move even faster from here on out.
Now you know why they are pouring gasoline onto the Inflation flames.
Inflate their way out of debt.
They do it every time..........................
It might as well be $60 trillion it can never be repaid. It won’t be repaid. Their plan is to crash the system and just start a new one.
OPEC+ is talking about dropping production 1-2M bpd and the Biden admin is talking about enacting an export ban on energy. SPR has less than a month’s supply.
Winter is coming...
It’s also why there’s a push for World War III/IV?
I think the West knows there’s no way out of this economic time bomb and it’s going to be epic when it finally blows.
Wow just crossed over 171 not that long ago.
Yup —> $200 Trillion.....
When the Great Reckoning comes, every career politician involved in destroying this country needs to pay. Every one of them.
$32 Trillion is probably only months away.
no need to worry until it hits a Quadrillion!
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