SLL will keep posting articles on the national debt because it’s an enormous problem and it has all sorts of harmful effects and its getting bigger and one of these days things are going to explode. From David Stockman at lewrockwell.com:
The federal debt has been recently increasing by $1 trillion every 100 days. That’s $10 billion per day, $416 million per hour.
In fact, Uncle Sam’s debt has risen by $470 billion in the first two months of this year to $34.5 trillion and is on pace to surpass $35 trillion in a little over a month, $37 trillion well before year’s end, and $40 trillion some time in 2025. That’s about two years ahead of the current CBO (Congressional Budget Office) forecast.
On the current path, moreover, the public debt will reach $60 trillion by the end of the 10-year budget window. But even that depends upon the CBO’s latest iteration of Rosy Scenario, which envisions no recession ever again, just 2% inflation as far as the eye can see and real interest rates of barely 1%. And that’s to say nothing of the trillions in phony spending cuts and out-year tax increases that are built into the CBO baseline but which Congress will never actually allow to materialize.
So when it comes to the projection that the 2034 debt will come in at just $60 trillion, we’ll take the wonders any day of the week. The fact that it will likely be much higher also means that the Washington UniParty’s prevailing fiscal policy path will lead to $100 trillion of public debt sometime in the early 2040s. And that means, in turn, that annual interest expense will then be greater than the entire federal budget during 2019.
Reading about Brandon was “given” $7.5 billion to build 500,000 EV charging stations and seven are built.
(h/t-JR)
Too much grift, graft and corruption and fiat currency that goes brrr.