U.S. debt will rise by more than $5 billion — every single day for the next decade

MarketWatch ^ | Aug. 5, 2023 | Steve Goldstein

[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.

[central_va]

U.S. government’s debt will rise by $5.2 billion — every single day for the next decade

Ok let me process this. So everyday the USA prints fiat money, enough in fact to complete a wall on the southern border. Yet there's still no wall on the southern border. Do I have that right?

[Drago]

Yeah the Federal Ed Dept. didn’t “spend anything” in August...they used student loan payments to pay salaries/expenses. Ed Dept. = $86 Billion spent in July, Zipo/Nada in August. (BTW: they need to go away...local control).