The US national debt has grown by more than eight billion since September 30th to reach $33.96 trillion this morning, on New Year’s Eve. It grew $2.6 trillion in six months to the end of the fiscal year. The information comes from the US Treasury Department.
Our nation is now built on spending and debt, aimed at crashing the system.
It was 33.17 trillion at the end of the fiscal year, September 30. Today, it is 33.96 trillion and racing along.
The Biden Treasury stated that tax cuts, stimulus programs, increased government spending, and decreased tax revenues have driven up debt. [Their answer will likely be more taxes]
“The national debt just exceeded $100,000 per citizen. This should send a message to the White House that this reckless federal spending is at a breaking point,” Rep. John James, R-Mich., said earlier this month when the grim benchmark was reached. pic.twitter.com/Y14syhmaih
— Noble Road (@noble_road) December 30, 2023
Every American now owes $100,000 each. The US borrowed $1.65 trillion this year to pay for spending exceeding the revenue.
“It’s a crisis,” Rep. Randy Feenstra, R-Iowa, said.
More than three-quarters of registered voters polled by Fox News in December said the economy is not in good shape, with 78% of respondents rating it only fair or poor.
The Treasury reported Wednesday that the public holds nearly $27 trillion of the total national debt.
More Bad News
According to Yahoo Finance, based on US Treasury data, interest payments on the national debt are estimated to have surged above $1 trillion annually as of the end of October.
According to Bank of America (BoA), public debt will likely grow by $5.2 billion daily for the next ten years, putting it at around $54 trillion by 2033.
The US exceeded its debt ceiling, which was legally set at $31.4 trillion, in January 2023. After months of warnings of a potentially disastrous default from the Treasury, President Joe Biden signed a bipartisan debt bill in June that allowed the limit to be lifted until January 2025. This effectively permitted the government to continue unlimited borrowing through next year. Debt spiked to $32 trillion less than two weeks after the bill was approved and has been piling up ever since.
Fitch and Moody’s cut their outlooks for the US this year.
Reason reports:
On December 8, the federal government made two seemingly disconnected but inexorably linked announcements that do not bode well for America’s future.
First, the Department of Transportation hyped an $8.2 billion grant for passenger rail projects.
Second, the Congressional Budget Office revealed that the federal government racked up a $383 billion deficit in just the first two months of FY 2024, with interest payments increasing by a shocking 65 percent year-over-year.
Washington’s continued refusal to rein in wasteful and unnecessary deficit spending has led to an unfocused, unaccountable, and increasingly unaffordable federal government that threatens to derail the economy.
To see why, start with the rail money—the bulk of which will go to California.
The state’s High-Speed Rail Authority will receive $3.1 billion to continue its singularly awful 520-mile boondoggle from San Francisco to Los Angeles…
Our government is destroying us.
Subscribe to the Daily Newsletter
wpDiscuz
