tomder55
Oct 6, 2022, 04:00 AM
The US debt has surpassed $31 trillion . That is 125% of the total US GDP ($20.94 trillion)
There was a time when such figures would've set off alarm bells . But this happened without a whimper . The US media barely even reports such milestones. America has accepted the fact that we are a debtor nation .
Rising interest rates being instituted by run away inflation means that a greater percentage of the US budget will be needed to service the debt .
But still Congress (both parties ) spends like drunken sailors (my apology to drunken sailors .....they only spend money they have )
"Just in 2022, Congress and the President have approved a combined $1.9 trillion in new borrowing, and President Biden has approved $4.9 trillion in new deficits since taking office. We are addicted to debt."
(Maya MacGuineas, president of the Committee for a Responsible Federal Budget
It took only 5 years to go from a $20 trillion debt (roughly 100% of GDP) to todays number . Most of it was unnecessary covid related spending and failed stimulus policies .
There is no relief on the horizon . We are looking at insolvencies in Medicare and the Social Security Ponzi scheme that needs to be addressed in the near future.
I am not aware of any plan put forth by Congressional policy makers to address these immediate issues.
There was a time when such figures would've set off alarm bells . But this happened without a whimper . The US media barely even reports such milestones. America has accepted the fact that we are a debtor nation .
Rising interest rates being instituted by run away inflation means that a greater percentage of the US budget will be needed to service the debt .
But still Congress (both parties ) spends like drunken sailors (my apology to drunken sailors .....they only spend money they have )
"Just in 2022, Congress and the President have approved a combined $1.9 trillion in new borrowing, and President Biden has approved $4.9 trillion in new deficits since taking office. We are addicted to debt."
(Maya MacGuineas, president of the Committee for a Responsible Federal Budget
It took only 5 years to go from a $20 trillion debt (roughly 100% of GDP) to todays number . Most of it was unnecessary covid related spending and failed stimulus policies .
There is no relief on the horizon . We are looking at insolvencies in Medicare and the Social Security Ponzi scheme that needs to be addressed in the near future.
I am not aware of any plan put forth by Congressional policy makers to address these immediate issues.