https://justthenews.com/govern..._campaign=newsletter

The national debt rose from $21.6 trillion to $30.01 trillion so far under Biden's first term, according to Treasury data

The U.S. national debt passed $30 trillion for the first time in U.S. history on Tuesday, according to Treasury Department data.

When President Biden took office, the national debt stood at $21.6 trillion.

The federal government ran a budget deficit of $2.8 trillion in fiscal year 2021, according to the Bipartisan Policy Center.

The deficit slightly decreased in FY2021 from a record $3.1 trillion in FY2020, which was the year the coronavirus pandemic began, resulting in historic levels of stimulus spending.

Biden has been pushing for passage of a nearly $2 trillion spending package, titled the Build Back Better Act. The bill has stalled in the 50-50 Senate after West Virginia Democratic Sen. Joe Manchin announced his opposition to the legislation in December.

With the rampant inflation, $30 tril ain't what it used to be....

quote:

National debt passes $30 trillion for the first time in U.S. history

Yeah, well, no shit.

That's like when I like to say "I'm older than ever been."

Seriously, the level of our national debt is appalling. Even FDR would probably shit himself if he saw the state of things today.

quote:

Originally posted by TXJIM:
With the rampant inflation, $30 tril ain't what it used to be....

Socialists love inflation.

My comment was tongue in cheek. The debt is an embarrassment and a balanced budget amendment should have been passed decades ago.

The biggest holders of US debt are Japan and China at less than $2 trillion each right? The rest we owe to ourselves?

The concerning part is that figure doesn't even count unfunded liabilities. Factor those in as well and I can't even begin to imagine how anybody actually thinks this is good or sustainable.

I read a book where the people discuss life after the “crunch” (a meltdown of the economy due to our current fiat money and overspending). It’s actually several books IIRC, PATRIOTS is the first installment.

Yeah, the US is due for some dark days based on our economy and failure to balance the budget.

Don't worry, it's funded by a government program...

While the $30T looks right, the $21T number seems very suspect. It seems impossible that the debt can go up $10T in only 12 months. Even with zero revenue, I don’t think $10T in spending was even authorized this year by Congress.

According to the chart in Wikipedia, the total National Debt in 2020 was $27T. $21T was the GDP.

https://en.wikipedia.org/wiki/...of_the_United_States

Methinks different numbers were used to get this “shocking” change so it can be pinned on Biden. Disappointing, but not surprising, that fake or misleading news keep coming up on “conservative media” sites and people just keep lapping it up without doing any checking.

BTW, the National Debt was $19.6T in 2016 before Trump took office, so in his 4 years it went up almost $7.5T, including a $4T jump between 2019 and 2020.

The numbers from the official Treasury web page bear out the numbers on Wikipedia. They are done by fiscal year, not calendar year, so that’s why it’s Sept to Sept.

https://www.treasurydirect.gov.../histdebt_histo5.htm

09/30/2021 28,428,918,570,048.68
09/30/2020 26,945,391,194,615.15
09/30/2019 22,719,401,753,433.78
09/30/2018 21,516,058,183,180.23
09/30/2017 20,244,900,016,053.51
09/30/2016 19,573,444,713,936.79
09/30/2015 18,150,617,666,484.33
09/30/2014 17,824,071,380,733.82
09/30/2013 16,738,183,526,697.32
09/30/2012 16,066,241,407,385.89
09/30/2011 14,790,340,328,557.15
09/30/2010 13,561,623,030,891.79
09/30/2009 11,909,829,003,511.75
09/30/2008 10,024,724,896,912.49
09/30/2007 9,007,653,372,262.48
09/30/2006 8,506,973,899,215.23
09/30/2005 7,932,709,661,723.50
09/30/2004 7,379,052,696,330.32
09/30/2003 6,783,231,062,743.62
09/30/2002 6,228,235,965,597.16
09/30/2001 5,807,463,412,200.06
09/30/2000 5,674,178,209,886.86

Please, there is no need to panic, it's all under control. At least- until it hits $40 gazillion or so that is. Regardless, each taxpayer only owes $238,000 and it's paid off.

Opps You owe $239,000 now. Sorry, hard to stay current.

https://usdebtclock.org/

With so many people, one can’t even get an eye-roll mentioning the debt.

Something will eventually happen, it will never be paid off. It will slowly choke our budget as more $$ goes to service it.

quote:

Originally posted by jimb888:
Please, there is no need to panic, it's all under control. At least- until it hits $40 gazillion or so that is. Regardless, each taxpayer only owes $238,000 and it's paid off.

Opps You owe $239,000 now. Sorry, hard to stay current.

https://usdebtclock.org/

Look at the projected 2026 Debt

The interest on 30T at 1% a year is 300B. But if interest rates have to go up to stop inflation, the interest on 30T at say 5% a year is 1500B. That's the majority of the Federal budget.

This is how godawful foolish our government is. You can borrow forever at near zero interest rates and the Fed kept rates down for a long time. Not because we "solved" inflation, but because globalization and cheap imports from China keeps consumer prices down. China artificially keeps the RMB at 6-7 to the dollar to ensure we buy from them.

So if interest rates go up a few percent, and we can't afford the interest payments without drastically cutting other spending, or raising taxes a lot, we can't default or our credit rating will tank. And about that time China can unpeg the RMB and let it find its market value which will be about 3 or 4 to the dollar, increasing the cost of Chinese goods in the US dramatically, and spiking inflation overnight.

It's s damn chess game and we are one move from being in check. And when that happens, checkmate will be inevitable. Yet our government isn't even playing checkers, then are playing three card monte and wondering why they keep losing the bet...

$1.5 Billion per day in interest… for now.

There is no intent to pay it back. It’s all vapor ware money. It doesn’t really exist.

What, me panic?

I know Brandon created untold money out of thin air to blow, but it’s been rampant for decades.

The day of reckoning will eventually come, don’t know when that is. This deficit spending mindset seems like a mental disorder that has no cure.

Take it to the extreme, what happens at 100 trillion?! I’m kinda thinking that won’t be workable, but you’re an old fool to worry about such things.