The U.S. federal debt has hit a historic milestone.
“We are beginning a new year, but our national debt remains on the same damaging and unsustainable path,” said Michael Peterson, CEO of the Peter G. Peterson Foundation, which advocates for fiscal sustainability.
From Fox Business:
The national debt is expected to nearly double in size over the next three decades, according to the latest findings from the Congressional Budget Office. 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.
“Though our level of debt is dangerous for both our economy and for national security, America just cannot stop borrowing,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
The White House was quick to blame Republicans on Tuesday evening for the astronomical rise in the federal debt.
“This is the trickle-down debt — driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy,” Michael Kikukawa, White House assistant press secretary, said in a statement provided to FOX Business.
More over at Fox Business:
money is worth half what it was worth 6 years ago therefore in real terms the debt is lower than it was before becauswe the value of money is falling at a faster rate than the national debt is increasing
how ever this will destroy what is left to the middleclass
and it will destroy america as a world power and more atomic bombs will not change this fact
the illigal immigrants are no longer coming from mexico or wealthier 3rd word countries because it is not worth it for them to come
the perception of the simple masses
and grocery store prices
are a true indicator about the situation
not what phd’s who have fancy titles say and write
It doesn’t make sense because the US Deep State has been printing as much money from thin air as they wanted – one of the reasons they fighting Trump because he will switch the US fiat currency to US gold-backed notes, hence Cabal’s Bitcoins. Not only Trump but gold-backed notes will happen globally.