Business Insider: US government debt is on track to surpass $50 trillion by 2033. That means $5.2 billion is piling up every day.
The US government's debt is on track to surpass $50 trillion by 2033, Bank of America said in a Tuesday note, citing data from the Congressional Budget Office.
* The US government's public outstanding debt is on track to surpass $50 trillion by 2033.
* The increase comes out to roughly $5.2 billion every day or $218 million every hour, Bank of America estimated.
* "Central banks may simply bail out governments in coming years via QE," BofA said.
US public debt outstanding currently sits at $33.6 trillion and is expected to surge by $20 trillion to $54 trillion within the next decade amid "fiscal excess in the 2020s," Bank of America investment strategist Michael Hartnett said.
"US public debt is... more than the combined GDPs of China, Japan, Germany, and India," he wrote, adding that the outstanding debt is set to surge by $5.2 billion every single day, or $218 million every hour, for the next 10 years.
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Update: US debt to top $50 trillion – BoA (RT).
WNU Editor: Interest on the US debt has now crossed $1 trillion a year .... US Debt Interest Bill Rockets Past a Cool $1 Trillion a Year (Bloomberg).
4 comments:
No problem, like I just said on the other thread...Print more money. Krugman would approve.
Non sustainable. There will be a reckoning.
Best to start a major catastrophe to cover the blame and nobody in the blob elite has to take the fall.
fake government 666
As long as the dollar is the reserve currency the system can handle it. A recession here or there can be managed. But if the dollar suddenly lost that status all bets are off. As long as too many central banks insure their reserves in dollars everyone pretend everything is fine. But if for whatever reason they dump the dollar then its over.But they wouldn't dump it willy nilly.Only after a major blow to the system would they be forced to. And what comes next?Well Germany in 1919 is a good example of what happens when your currency goes from first rate to last rate within the span of a few years.Its not about recessions.Its about genuine severe unrest.But so far most people don't care. Even allegedly educated ones ignore it. A few know what may happen but that's about it.
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