https://dnyuz.com/2022/10/04/u-s-national-debt-tops-31-trillion-for-first-time/ $31,000,000,000,000 in accumulated debt -- an unfathomably huge amount of money. For comparison, this is about 35% of the world's GDP At this point, is there really any reason to keep track? And, how much longer before this collapses the US government/economy?
Its good to know that an entire year of my labor pays for a fraction of a second of government spending.
The problem will come when the interest payments on the debt consumes the entire revenue. So I hope we work on the deficit before that happens. We might do that if the Republicans win the midterm election.
The economy does better when Democrats are in control. But the truth is when Regan took debt growth exponential we crossed over into the world of Monopoly money; most people didn't realize it at the time. The reason is ALMOST all money on the planet is created as debt, by one Central Bank or another. When that money debt is created the interest is not, which means more money/debt needs to be created to pay interest on it. Before Regan we were increasing money/debt at a "manageable" liner rate. When he took it exponential it, must thereafter, remain exponential. Anyway, as long as the U.S. remains the strongest economy in the world, and that isn't likely to change, AND the dollar remains the worlds reserve currency, which isn't likely to change either, then the whole world is playing with fiat money and UNTIL that changes U.S. debt isn't an issue because it's no worse and often better than most other places in the world AND the dollar is the reserve currency of the world.
If I remember correctly, it only works when Democrats are in control of the White House but Republicans are in control of Congress.
Every politician over time owns this. They have all failed! Well, except maybe those in the 90s with a GOP congress and Clinton in the WH.
Yes, and no. When Wilson signed the Federal Reserve into existence that was when ALL Americans signed up for debt. As long as we have a Central Bank running our money ... we will have debt.
