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Kamala Harris, Chucky Schumer, Nancy Pelosi, Kevin McCarthy, and many other hard-working spenders have been helping us reach this remarkable achievement. And we never would have gotten here without the relentless help of CNN, MSNBC, Fox News, the New York Times, the Washington Post, and all of the other mainstream news outlets that kept assuring the American people that it was okay to steal trillions of dollars from our children and our grandchildren.
Of course, I am being entirely facetious. The truth is that what we are doing to future generations of Americans is beyond criminal. We are literally committing national suicide, but with each election cycle, most of the same big-spending politicians just keep winning over and over again.
Those on the other side would argue that borrowing and spending so much money has been absolutely necessary.
If we had not propped up the U.S. economy with giant mountains of borrowed money, it would have collapsed long ago.
In addition, spending so much money allows us to project military and economic power all over the planet. If we only spent what we brought in, America’s standing would be significantly reduced.
The world’s primary reserve currency is an enormous power source, but now that power is fading.
Nations all over the globe are starting to move away from using the U.S. dollar in international trade, and they are becoming a lot more hesitant to buy our debt.
You can only borrow and spend so much before the entire Ponzi scheme collapses, and at this moment, we are more than 34 trillion dollars in debt…
In addition, spending so much money allows us to project military and economic power all over the planet. If we only spent what we brought in, America’s standing would be significantly reduced.
The world’s primary reserve currency is an enormous power source, but now that power is fading.
Nations all over the globe are starting to move away from using the U.S. dollar in international trade, and they are becoming a lot more hesitant to buy our debt.
You can only borrow and spend so much before the entire Ponzi scheme collapses, and at this moment, we are more than 34 trillion dollars in debt…
US national debt has reached a record high – hitting $34 trillion for the first time in history.
Data published by the Treasury Department Tuesday showed that outstanding federal borrowing soared to $34.001 trillion on December 29, just weeks ahead of Congress deadlines for new federal funding plans.
The staggering figure, which is a major point of contention between Republicans and Democrats, is equal to $101,233 in federal debt for every person in America, according to the Peter G. Peterson Foundation.
So, if four people live in your household, your share of the national debt is more than $400,000.
And every day the debt gets even larger. As Wolf Richter has pointed out, the size of the national debt has increased by 2.5 trillion dollars in just the last seven months…
The total US national debt spiked by $1.0 trillion in 15 weeks since September 15, to $34.0 trillion, according to the Treasury Department’s figures this afternoon. In the seven months since the debt ceiling was lifted, the national debt spiked by $2.5 trillion.
These are huge gigantic numbers that are piling up as a result of the incredible hard-to-fathom daredevil reckless shake-your-head deficit spending by Congress.
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