Posted on 03/03/2024 10:48:04 AM PST by CFW
The U.S. began adding $1 trillion worth of debt about every three months beginning last June, a Bank of America investment strategist Michael Hartnett first pointed out in an investment note published last week.
The national debt is currently $34.48 trillion and rising. It surpassed $34 trillion for the first time in U.S. history on Jan. 4.
Three months prior, the debt first reached $33 trillion on Sept. 15, 2023. Three months prior to that, it first reached $32 trillion on June 15, 2023.
“The national debt is the amount of money the federal government has borrowed to cover the outstanding balance of expenses incurred over time,” the Treasury Department explains. “Simply put, the national debt is similar to a person using a credit card for purchases and not paying off the full balance each month. The cost of purchases exceeding the amount paid off represents a deficit, while accumulated deficits over time represents a person’s overall debt.”
The national deficit is $531.86 billion fiscal year to date.
(Excerpt) Read more at thecentersquare.com ...
I expect WWIII to distract from the debt. The can has been kicked down the road too many times. Now the road is full of potholes and the can is so rusty and full of holes that it will not survive past one more kick.
We’ll just inflate our currency to pay the bills. We’re getting away with it somewhat because the dollar is the world’s reserve currency.
That is exactly why the Grand Old Party must control the House of Representatives!
It took the USA a very long time from 1776 until OCTOBER 23, 1981 to arrive at a national debt of ONE TRILLION DOLLARS.
Now we IRRESPONSIBLY add that amount of additional new debt every three months. Friggin’ amazing.
Just remember it was the uniparty that raised the debt ceiling. Nice though that both McConnell and McCarthy are gone.
The economy is great! Prices are up, you can make millions selling your dumpy 3/2 tract house in Tempe! Yay! Print more greenies!
We are borrowing and spending as if there were literally no tomorrow. Most leaders in Washington don’t know this yet, but there is a very good chance there will be no “tomorrow” as we understand it now. AI is about to turn everything in our lives and world upside down. For better, and for much worse.
Exactly. We will get away with it until we can’t. What would happen? We dilute the money so much that the world looks for other reserve currencies. Then it will crash hard. Will it happen tomorrow? No. But you would be a fool if you think we can sustain this road forever.
As the treasury has to roll a huge portion of the debt this year, service on the debt will rise significantly. The spiral we are in will just get shorter and shorter.
Not only is this not sustainable, it is becoming unrecoverable.
In 2025 the Trump tax cuts are going to expire and the impact on the middle class is going to be horrific.
No. But we'll get away with it for a while. That's why we're keeping our borders open. So we're getting as many immigrants as we can get. #1 reason - is to get new voters for the Democrats. #2 reason - keep our economy expanding due to our stagnating population because of our low birthrate.
Obviously Trump’s fault for telling republicans to keep spending at insane levels. Or something. Biden is powerless to stop spending.
“Just remember it was the uniparty that raised the debt ceiling. Nice though that both McConnell and McCarthy are gone.”
I just don’t see how we get out from under this ballooning debt.
When you see in context, what the heck is $61 billion? Pocket change.
We’ll get away with it a little while. Perhaps 10 to 20 years. Eventually states like Florida will have enough. USA will belong to history books just like Ancient Rome. But who knows?
There...fixed.
“I just don’t see how we get out from under this ballooning debt.”
Neither do I. That’s why I think a major war, and one possibly on American soil, is in our future. The leftist Democrat/Socialist/Communists think they can then “Build Back Better” the utopia of which they all dream.
(The U.S. began adding $1 trillion worth of debt about every three months beginning last June)
This is why:
1) ObamaScare was designed to kill off Senior Citizens
2) COVID-19(84) was designed to kill off Senior Citizens
3) Statist Nikki Haley wants to mess with Social Security for Senior Citizens
They haven’t killed as many as they hoped to.
Yet.....
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