If you were wondering where the end of the world’s going to come from, this is it. From Wolf Richter at wolfstreet.com:
Trillions whooshing by so fast they’re hard to see.
The total US national debt spiked by $1.58 trillion since the debt ceiling was lifted, and by $2.16 trillion from a year ago, to $33.04 trillion, according to the Treasury Department’s figures this afternoon.
A stunning amount of new debt that is getting piled on in a stunningly short amount of time, even as the economy has been growing at decent rates! Congratulations, America 🥂
This $33.03 trillion of debt is composed of two piles of Treasury securities:
$6.8 trillion of nonmarketable Treasury securities. They’re not traded in the market; they’re held by US government pension funds, the Social Security Trust Fund, etc. And a portion of it is held directly by Americans in form of the popular I-bonds and the less popular EE savings bonds. This balance has remained roughly unchanged since the debt ceiling and is up by $210 billion year-over-year.
Definition of insanity is continuing to give money to incompetent morons. Taxation is theft.