Posted on 09/15/2023 4:24:00 PM PDT by RicocheT
As the investment world still comes to grips with the Fitch Ratings decision to downgrade the U.S. debt rating, here’s an eye-popping statistic: the U.S. government’s debt will rise by $5.2 billion — every single day for the next decade.
That’s according to the latest missive from Bank of America strategist Michael Hartnett, in which he references Congressional Budget Office projections to come up with the number.
See: Congressional Budget Office paints grim long-term U.S. deficit picture
Importantly, debt is set to grow much faster than the broader economy. On the CBO’s numbers, the debt held by the public will reach 118.9% of GDP by 2033, up from 98.2% this year.
Hartnett says central banks are still in the business of bailing out Wall Street, and governments are very much in the business of bailing out Main Street. “Ultimately policy destination is yield curve control across G7 once next recession provokes fiscal policy panic and ever high government default risk,” he says.
(Excerpt) Read more at marketwatch.com ...
The next currency will be sticks and stones
Debt to ourselves
Prices through the roof.
We need to wipe it all clean and start over. Seriously. With laws banning deficit spending unless Congress has declared a state of war.
Photo....
Candy store clerk: Do you want the regular or spearmint pack of gum, sir?
The entire country has been completely mismanaged by the ruling class, most of which are professional lawyer politicians.
If I ran my life like those in government run the country, I’d be in debt for life, bankrupt and living under a freeway overpass.
It’s no problem. We’ll just print more money to buy more T-Bills to buy more debt. We can pay it off in no time!
The Federal Government now spends more money on Social Security, Medicare, interest on the National Debt, and defense than it collects in taxes. So without cuts to those categories, even if the government totally eliminated all other spending, the budget still wouldn’t balance.
It’s not enough to ensure Zelensky is happy.
The monthly treasury report says we had a $89B surplus in August 2023 How?
Cut gov spending to match the receipts. Shut it down if necessary.
This is what a bankrupt failed nation looks like.
It’s okay, the government supports giving hundreds of billions to Ukraine, it’s all good.
Our resources will be taken to pay for the debt.
The environmental wackjobs will find out they were used
Bankruptcy here we come and sooner the better!
The uniparty’s plan was to bankrupt us all along to usher in communism.
Buy weapons and ammo and prep, folks. The bottom will fall out and it will be sudden.
If you look at the figures, feds only spent $193,875B
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