CNN: America's national debt surpasses $30 trillion for the first time
America's national debt just hit another sobering milestone.
Total public debt outstanding is now above $30 trillion, according to Treasury Department data published Tuesday.
Government borrowing accelerated during the Covid-19 pandemic as Washington spent aggressively to cushion the economic blow from the crisis.
The national debt has surged by about $7 trillion since the end of 2019.
It's impossible to know how much debt is too much, and economists remain divided over how big of a problem this really is. But the latest debt milestone comes at a delicate time as borrowing costs are expected to rise.
Read more ....
Update #1: National debt tops $30 trillion (FOX News)
Update #2: US national debt tops $30 Trillion (The Hill)
WNU Editor: The U.S. as we know it will be over if this happens .... U.S. National Debt Expected To Approach $89 Trillion By 2029 (Forbes).
The U.S. debt clock is here (link here).
An addict always tell himself its gonna be ok. It never is tho.
ReplyDeleteMuch of the economic damage was from draconian reaction to COVID-19. I understood the initial shutdown when we knew little and had no vaccines, but after that it should have been business as usual.
ReplyDeleteKeep in mind this:
ReplyDeleteThe private business sector, from Goldman Sachs to McKinsey who invented the offshoring principle, they're all doing fine. Record profits. Billionaires and millionaires. They're doing GREAT.
You, the tax payer, who thinks you do an honest day's job and God and country will recognize it, so you think, you'll go broke, if you not already are.
THEY consulted your and my country into oblivion while strengthening our enemies.
YOU get called names, while
THEY get bailouts
Trial them.
Hang them.
And make sure these hyenas will never roam again. They'll devour everything, flag and treasure
For they know nothing but praying at the altar of money.