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 is climbing at rapid pace — and shows no signs of slowing down
By 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.
POSTS ON X:
United States national debt has reached a new all-time high of $34.1 trillion. pic.twitter.com/VAt0QRgXce
— Globe Eye News (@GlobeEyeNews) January 28, 2024
Bidenomics has been a failure & we all know it.
People want to be able to earn a living & build generational wealth WITHOUT inflation, overregulation & anti-growth policies getting in the way.
We were much better off under Trump.
We all deserve a shot at the American Dream. pic.twitter.com/NpJBNaH4yZ
— Byron Donalds (@ByronDonalds) February 3, 2024
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