iStockphoto/The Fiscal Times
New York Times/DNYUZ: U.S. National Debt Tops $32 Trillion for First Time
The gross national debt exceeded $32 trillion for the first time on Friday, underscoring the country’s unsettling fiscal trajectory as Washington gears up for another fight over government spending.
A Treasury Department report noted the milestone weeks after Congress agreed to suspend the nation’s statutory debt limit, ending a monthslong standoff.
The $32 trillion mark arrived nine years sooner than prepandemic forecasts had projected, reflecting the trillions of dollars of emergency spending to address Covid-19’s impact along with a run of sluggish economic growth.
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U.S. National Debt Tops $32 Trillion For The First Time
National debt hits $32 trillion two weeks after debt ceiling deal -- FOX News
US national debt exceeds $32 trillion for first time -- NYPost
National Debt Tops $32 Trillion for the First Time -- The Fiscal Times
simple fix: time to rethink and redo taxing
ReplyDeletewe are wealthiest nation in world?
A 100% tax on the top 400 richest Americans would net 4 trillion while putting a 3rd of the US work force out of work. As most of those rich people you want to tax wealth is actually the value of their companies not cash they have laying around.
DeleteTax the entire US population at 100% and you would get around 25 trillion.
You cannot tax your way outta this, its out of control spending that has to be fixed.
Nothing will come of this. Except a few worried forecasters. For a simple reason. Until serious doubts emerge about the dollar as a reserve currency Congress will continue to treat the debt as a curiosity.
ReplyDeletenot so. the GOP this time tried for significant cuts. You may or may not like what they wanted but they were not treating debt as a curiosity.
ReplyDeleteTime bomb ticking.
ReplyDeleteI saw a lot of wealth in Beijing, Shanghai, Xian and Chengdu.
ReplyDeleteMiddle class people have 2nd homes (vacation homes), air conditioning. computers, and cars. that is all the stuff that the elites in Europe and America are trying to take from everyone else.
Anyone who goes to WEC is an asshole. Pure and simple.
This place is going to resemble the 1980's Soviet Union by the time the electorate wake up.
ReplyDeleteWhat debt? Just keep increasing the debt ceiling since we have the world's most powerful military.
ReplyDeleteThat’s about to be proven wrong, stand-by grasshopper.
DeletePS: it’s not easy firing a gun when you don’t have any ammunition for it.
No the principles are the same. You owe you need to pay.
ReplyDeleteThe smoke and mirrors game that has been played and is still being played will end one day, just like everything else, it cannot go on for infinity. And when it ends, a month from now , next year or a 100 years from now..it will end badly