[ April 27, 2024 ]
As the crushing crises increase at dizzying speed, it’s almost impossible to know where to look first. Whiplash. And perhaps the Democrats objective.
US national debt tracker for Jan 25, 2024: See what American taxpayers (you) owe in real time
US national debt is climbing at rapid pace — and shows no signs of slowing down
Story continues below advertisementBy Megan Henney FOX Business
The U.S. national debt is climbing at an astronomical pace and has shown no signs of slowing down despite the heightened scrutiny on government spending.
The national debt — which measures what the U.S. owes its creditors — fell to $34,088,375,076,993.31 trillion as of Wednesday afternoon, according to the latest numbers published by the Treasury Department. That is down about $21 billion from the $34,109,378,375,744.03 figure reported the previous day.
By comparison, just four decades ago, the national debt hovered around $907 billion.
The unrelenting increase is what prompted Fitch Ratings to issue a surprise downgrade of the nation’s long-term credit score in mid-2023. The agency cut the U.S. debt by one notch, snatching away its pristine AAA rating in exchange for an AA+ grade. In making the decision, Fitch cited alarm over the country’s deteriorating finances and expressed concerns over the government’s ability to address the ballooning debt burden amid sharp political divisions.
“This is a warning shot across the U.S. government’s bow that it needs to right its fiscal ship,” Sean Snaith, an economist at the University of Central Florida, told FOX Business. “You can’t just spend trillions of dollars more than you have in revenue every year and expect no ill consequences.”
The outlook for the federal debt level is bleak, with economists increasingly sounding the alarm over the torrid pace of spending by Congress and the White House.
The latest findings from the Congressional Budget Office indicate that the national debt will nearly double in size over the next three decades. At the end of 2022, the national debt grew to about 97% of gross domestic product. Under current law, that figure is expected to skyrocket to 181% at the end of 2053 — a debt burden that will far exceed any previous level.
Should that debt materialize, it could risk America’s economic standing in the world.
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3 Comments3 months agoI do not believe that most people know what the debt is or understand just what will happen because of it; they think things will just go on as they are but there will come a time that the US will flat out default that means they will not be able to pay the bills unless they print more worthless money that no one will take or want. I went broke once it can and will happen at some time. I think that the dem/communists want this to happen and along with the border invasion they plan on a new communist country or they want North and South America to become one country under control of the one world government probably the UN. Who knows if this will happen just my take on all the BS that is taking place .
3 months agoNo one cares. …
… Or … I should say … no one with any authority to do anything about it cares enough to give more than a lip-flap or two …
2 months agoWhen I was a kid my uncle gave me a 100 thousand Deutsche mark note. It was printed in 1923. Had it been printed in 1914 it would have been worth $25 thousand dollars. Printed in 1923, during hyper inflation it was worth 25 cents. I worked with a German engineer, in the 1980. He said that in the 1920s when his father would get paid hi smother had to go right out an buy groceries she needed. If she waited to the next day she did not have enough money to buy what she wanted.
The Germans elected Hitler due to the bad conditions. America may be doing the same.
