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National debt tops $22 trillion for the first time - up more than $1 trillion in the last 11 months alone, up 42% in the first three months of FY2109 !


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2019 Feb 12, 5:22pm   998 views  7 comments

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WASHINGTON – The national debt surpassed $22 trillion for the first time on Tuesday, a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American.

The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.

The national debt has been rising at a faster rate following the passage of President Donald Trump’s $1.5 trillion tax-cut package a little more than a year ago and as the result of congressional efforts to increase spending on domestic and military programs. The nation has added more than $1 trillion in debt in the last 11 months alone.

“Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,” said Michael A. Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan organization working to address the country’s long-term fiscal challenges.

For Americans, the growing debt should be a concern, experts said, because over time it can push up interest rates for consumers and businesses. The higher rates can ripple through the economy, nudging up rates for mortgages, corporate bonds and other types of consumer and business loans.

Peterson attributed the growing national debt to "a structural mismatch between spending and revenues." The biggest drivers are the aging population, high healthcare costs, and growing interest payments, combined with a tax code that fails to generate sufficient revenue, he said.

The debt eclipsing $22 trillion “is another sad reminder of the inexcusable tab our nation’s leaders continue to run up and will leave for the next generation,” said Judd Gregg and Edward Rendell, co-chairmen of the nonpartisan Campaign to Fix the Debt, a project of the nonpartisan Committee for a Responsible Federal Budget.

With deficits rising and gross debt scheduled to jump by more than $1 trillion annually, Congress must take action to put the country on a more sustainable path, Gregg and Rendell said.

“The fiscal recklessness over the past years has been shocking, with few willing to step up with a real plan,” they said. “We need responsible leadership to fix the debt, not a worsening of partisanship.”

https://www.usatoday.com/story/news/politics/2019/02/12/national-debt-tops-22-trillion-first-time-ever/2849978002/

#Debt #Deficit #FiscalPolicy



Remember when people thought Ross Perot was crazy ?

Comments 1 - 7 of 7        Search these comments

1   anonymous   2019 Feb 12, 5:26pm  

Remember when Trump said Clinton would raise the debt if she was elected?

Remember when he said Hillary will be under constant investigation if elected?

Remember in his official campaign launch address his promises? (Promises made and not kept)

•Trump promised to “reduce our $18 trillion in debt,” which will not happen if annual deficits hit $1 trillion in two years.

•On the campaign trail, Trump said he would “freeze the budget,” which has certainly not happened.

•Shortly before his inauguration, he told Fox News host Sean Hannity that he would “balance the budget very quickly… I think over a five-year period. And I don’t know, maybe I could even surprise you.”

•Previous to that, in March 2016, he told Bob Woodward that he could get rid of the debt “fairly quickly.” When pressed, he said, “Well, I would say over a period of eight years.” Since Trump took office, his own budget director called that promise “hyperbole.”

•Trump asserted during the second presidential debate that he would bring back energy companies, which would make so much money that they could pay off the national debt. This has not happened.

Higher taxes, higher national debt, global isolation and a divided country, are we great yet?
2   Heraclitusstudent   2019 Feb 12, 5:31pm  

Part of the debt is to compensate for the lack of income, due to the fact we offshore all production.
But of course try addressing trade as a problem and all establishment winged monkeys immediately go after you.
They prefer to pay lips service to the existence of debt, and then focus on continuing the status quo.
3   FuckTheMainstreamMedia   2019 Feb 12, 5:57pm  

You were busy the last few days posting about how tax refunds are down to the point of people going apeshit over it. Surely that means the debt will be paid down.
4   MrMagic   2019 Feb 12, 6:03pm  

Kakistocracy says
“Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,”


@Kakistocracy

Why weren't you bitching about that when your boy, O'bozo, was spending money like a drunken sailor. Notice anything on this chart?




How does one guy achieve that level of debt?

Kakistocracy says
With deficits rising and gross debt scheduled to jump by more than $1 trillion annually,


Hmmm, when did we see deficits over $1 TRILLION annually? Oh, that's right, just of ALL of O'Bozo's first term..

We'll just play like they never happened, right?




Oh, but I know your response.... "This time it's different"... right?
5   Bd6r   2019 Feb 12, 6:24pm  

That is the beauty of the system - when Party 1 is in power, debt matters to Party 2. When they switch, debt suddenly matters for Party 1.
6   anonymous   2019 Feb 14, 1:23am  

U.S. budget deficit spikes 42% in first three months of fiscal year

The U.S. budget deficit totaled $318.9 billion in the first quarter of the 2019 fiscal year, a 41.8% increase from the same period last year, according to data released by the Treasury Department.

Why it matters: The nonpartisan Congressional Budget Office projects that the deficit will keep growing and surpass $1 trillion by 2022, in part due to President Trump's tax cuts and increased government spending. Bloomberg's Katia Dmitrieva notes that the new deficit data "will likely fan concerns over America’s growing national debt," which surpassed $22 trillion for the first time this week.

https://www.axios.com/us-budget-deficit-spikes-fiscal-year-1e946342-c3bd-4ae0-892b-fb9747580277.html

A big beautiful deficit - no one makes as big and beautiful a deficit as the Dotard and the GOP....That’s a 77 percent increase from the $439 billion deficit in fiscal 2015, when McConnell became majority leader !

McConnell Blames Entitlements, Not GOP, for Rising Deficits: https://www.bloomberg.com/news/articles/2018-10-16/mcconnell-blames-entitlements-not-gop-for-rising-deficits
7   Al_Sharpton_for_President   2019 Feb 14, 3:56am  

There is nothing real about any of this.

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