America’s national debt has now surpassed
$31 trillion
CNN Business,
by
Alicia Wallace
Original Article
Posted By: MDConservative,
10/5/2022 9:39:06 AM
America’s national debt has climbed north of $31 trillion for the first time, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty.
The nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday.
The US government went on a borrowing spree during the Covid-19 pandemic to help shore up the nation’s economy as the deadly virus upended lives, labor markets and supply chains. Outstanding debt has climbed nearly $8 trillion since the beginning of 2020. And it has jumped by $1 trillion in just eight months.
Reply 1 - Posted by:
kennedylaw 10/5/2022 10:14:15 AM (No. 1295962)
Last year, interest on the national debt was over $400 Billion. Interest rates have increased significantly since then. I would not be surprised if interest on the national debt hits $1 Trillion next year. We are stuck in a slow motion train wreck and I don't see either political party doing anything about it.
5 people like this.
Reply 2 - Posted by:
hershey 10/5/2022 10:14:38 AM (No. 1295963)
Just how big are we talking? This is just for one TRILLION...
One trillion is a thousand billions, or equivalently a million millions.
It is a 1 with 12 zeros after it, denoted by 1,000,000,000,000.
One trillion seconds is 32,000 years.
One trillion pennies stacked on top of each other would make a tower about 870,000 miles high—the same distance obtained by going to the moon, back to Earth, then to the moon again.3
One trillion ants would weigh over 3,000 tons.
One trillion dollars divided evenly among the U.S. population would mean that everyone in the United States would receive a little over $3,000.
(courtesy thoughtco.com)
3 people like this.
Reply 3 - Posted by:
slipstik 10/5/2022 10:24:41 AM (No. 1295981)
$31Trillion is a BS number.
It doesn't include the Social Security liability, which is in the neighborhood of $70-100 Trillion all by itself. You can thank a nuther democrat for that, LBJ.
I wouldn't be surprised if the "Rona" and "vaxx" weren't created to dial down the elderly population and massively reduce the SS liability.
Social Security is an inherently losing proposition. It should be grandfathered out in favor of a tightly monitored private investment system. But then the government would have to be responsible in their spending habits, and that's obviously too much to ask.
2 people like this.
Reply 4 - Posted by:
LC Chihuahua 10/5/2022 10:33:17 AM (No. 1295992)
Take a look at the debt clock.
Nation debt is 31 trillion.
Total US debt (debt at all levels, state, local, private, corporate, bank) is actually 92 trillion.
This doesn't end well folks. Why is inflation so bad? Guessing part of the problem is we passed some debt threshold.
Nobody is talking about it. Maybe they can't. How much of this debt will never be paid back? Perhaps it has something to do with Biden pushing debt forgiveness?
0 people like this.
Reply 5 - Posted by:
Krause 10/5/2022 11:08:23 AM (No. 1296046)
We need to take the U.S.Treasury away from politicians.
1 person likes this.
Reply 6 - Posted by:
DVC 10/5/2022 11:29:48 AM (No. 1296084)
We have been warned for decades that "eventually, people the debt will become crippling, and just making the interest payments will consume almost all of tax revenues".
Having the Fed make interest rates just slightly above zero for many years made it possible to continue to pay the interest in this colossal debt load. But, as the Fed is forced to push up interest rates to try to slow down inflation, the side effect is that the interest on the federal debt will start to increase too, as various Tbills are aged out. Soon enough the fraction of the money collected by the IRS that goes right back out to pay the interest on this debt will become a big problem.
At what point do these fools start borrowing the money to pay the debt on the money already borrowed? And can that happen for any length of time?
Their house of cards is getting more and more unstable.
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That is about $94,000 for each person in the U.S., legal, illegal, working, or otherwise.
How in h*ll can this ever be paid back?
2 people like this.
Reply 8 - Posted by:
GoodDeal 10/5/2022 12:17:07 PM (No. 1296141)
Right on track to completely crash the economic system so it can be remade in the Great Reset.
0 people like this.
Reply 9 - Posted by:
DVC 10/5/2022 12:20:07 PM (No. 1296146)
Re #7, it will never be paid off. It will be defaulted on eventually.
0 people like this.
Reply 10 - Posted by:
davew 10/5/2022 1:34:25 PM (No. 1296210)
I'm just wondering where all those people got the dollars they used to buy the Treasury bonds? If they got them ultimately from the Fed creating them in a computer and transferring them to bank reserves, then the government is just borrowing its own money. People are just parking dollars for a bit of interest income rather than spending them on goods and services.
Why is this a big deal? As long as the Federal Reserve creates just enough dollars to pay the interest and everything else the Treasury requires without causing inflation, they can never go broke. As Douglas Adams would say, "Don't Panic".
0 people like this.
Reply 11 - Posted by:
Birddog 10/5/2022 2:17:46 PM (No. 1296244)
In another headline story today...US sets NEW record in Tax collections, just as it has every quarter since Bidens election, STILL is setting new debt/deficit records every quarter as well. $4.4Trillion in taxes collected, while $5.5 trillion spent.
"Sure it's a loss, but we can make up for it in volume"
0 people like this.
Reply 12 - Posted by:
franq 10/6/2022 5:58:06 AM (No. 1296677)
Serious question - if enough people "...are just parking dollars for a bit of interest income rather than spending them on goods and services" with their fiat money, wouldn't that scenario eventually lead to business downturn and layoffs? Then where would all THOSE people get their dollars (essentially just coupons given in return for a good or service rendered)? Treasury just prints more and sends subsistence checks in mail?
0 people like this.
Reply 13 - Posted by:
mifla 10/6/2022 6:52:55 AM (No. 1296697)
Dear Future Americans,
We had a great time at your expense.
Thanks!
Baby Boomers
0 people like this.
Reply 14 - Posted by:
Rumblehog 10/6/2022 9:37:23 AM (No. 1296817)
Don't you even think for a second that the evil Uni-Party aren't eyeing 401-k, IRA, CDs, etc. as a means to pay down the interest on the debt they've accumulated over the decades. To a Uni-Party pol, nothing is sacred, except "Tax & Spending," and Federal Pensions.
0 people like this.
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Comments:
The source of inflation is government spending, and ours has been on a credit card spree since it seems forever. Since 2019 the cumulative rate of inflation has sliced 16 percent from the value of a dollar. Neither party is truly committed to taking the political heat to bring things back to balance. Shades of the last great inflation (1968-82).