$10 Trillion in US Treasuries must be sold in 2024 - plus the current year 2024 shortfall of another $1+ Trillion .. the US federal government also pays ~ $1 TRILLION just in interest payments.. then the states and local debt over $200 Trillion.
I spent my adult life trying to be responsible, saving, not living beyond my means, and all my savings are going to be wiped out by the Weimar Republic-level hyperinflation that this is going to result in.
The people responsible for this are feathering their nests and planning their safe getaways.
We have dark times ahead.
No one seems to care…………
Million…billion…trillion…it’s all funny money at this point. Does Fort Knox still have…you know what?
That seems like a lot, doesn’t it?
How much would the interest rates we have to pay on the overall debt have to rise from some unforeseen, other crisis to make the debt service unpayable without Weimer/Zimbabwe type inflation printing of money? My gut feel guess is, not all that much. Could hyperinflation like that lead to unrest great enough for the people running Biden to suspend elections “for the good of the children/nation/etc? Especially since that would also cause a bum’s rush for majority to want to vote Trump and throw the Dems out.
This has passed from poorly conceived, through idiotic, and is now essentially immoral and criminal in any sane world.
All else, from war to peace, hinges on the above.
Since 2001, the "leadership" of this nation has grown the debt from circa 5 trillion USD to today's insane 34.411 trillion USD.
The writing is on the wall, and no prophet is needed to read the message.
“Overwhelm the system”, Saul Alinsky.
Renewing those notes as they become due is not going to get any cheaper.
$10 billion of new debt - every day.
$7 million of new debt - every minute.
Let’s put this in perspective:
As of 2023, the United States has approximately 735 billionaires with a combined net worth of around $4.5 trillion.
The total U.S. federal debt stands at $7.0 trillion as of December 2022. This is only debt held by the intragovernmental debt (Socia security, retired fed employees, military personal, Medicare, etc.).
If every billionaire were kind enough to donate $45 billion, this will wipe out the U.S. debt.
_____________
As of January 2024, there are 132.5 million full-time employees in the U.S.
Theoretically, each full-time employee would need to equally contribute approximately $249,732.36 to completely pay off the U.S. debt. Obviously, this is a theoretical calculation, and in reality, such a scenario is unlikely due to practical constraints and economic considerations.
“If every billionaire were kind enough to donate $45 billion, this will wipe out the U.S. debt.”
Moron liberals, as though every billionaire has $45 billion.
Is that bad?
That’s more than an additional $10,000 per year for every person in the U.S. (about $30,000 per taxpayer), let alone the outstanding debt!
And yet no one will do anything about. Deficit spending is all the rage. We’ll all be in rags soon.
that sounds sustainable..
not.
WASHINGTON, D.C. — As questions continue to mount regarding the lack of fiscal responsibility exercised by lawmakers, U.S. Senators said they are not super worried about running up the national debt since most of them will die of natural causes in the next year or so.
“Yeah, we’re not too concerned about it,” said Senate Majority Leader Mitch McConnell. “If any of us were in any position to be alive when it comes time to pay the piper, we might do things a bit differently. As things stand now, most of us have one foot in the grave already, so we’re just going to keep tossing away the country’s future. By the time things get really bad, we’ll be out of here.”
[satire] Babylon Bee
Outrageously irresponsible!
$50T is at the end of this decade....just as Dave Bratt calculated....
Bkmk.