US national debt soars by $100 billion. . . in just 8 hours

According to the latest statement issued yesterday afternoon by the Department of Treasury, the US national debt has reached $19,976,826,951,047.80. That’s $19.976 trillion, as of the close of business on Friday December 30, 2016. (The government is typically a day or two behind when it sends out these reports.) That number itself is obviously remarkable, just shy of $20 trillion.

But what’s even more astounding is that, according to the Treasury Department’s own figures, they STARTED the day with a debt level of ‘just’ $19.879 trillion. So literally in the span of a single 8-hour workday, the US government amassed an astonishing $97 billion in debt. That’s simply incredible-- $97 billion is larger than the entire GDP of New Mexico or Luxembourg. In 8 hours.

I review these reports every single day. Needless to say, an increase of this magnitude occurs… almost never.

And when I saw it yesterday afternoon, the “Holy (*)(*)(*)(*)!” that came out of my mouth caused a rush of staff into my office asking “What happened?!?”

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What happened is that even slight interest rate increases now on a debt this insanely large cause massive interest payments to accrue even faster. That's the reason they've had to hold interest rates down for so long, or the bubble pops. The great injustice is that it will pop under Trump, although relatively soon into his term so it will be hard for Obama to skirt the blame, which he richly deserves due to his monumental incompetence.

This is going to lead to a hyperinflationary depression. The only good thing is it will also be the death of socialism. When the dollar is worthless, EBT cards, social security, medicare and all the rest will be valueless also. THIS IS WHERE SOCIALISM ALWAYS EVENTUALLY LEADS. Just look at history. Just look at Venezuela.

 

Don't worry, the GOP is about to cut taxes...so it will clear 20 trillion in no time!

 

Since Obama just barely scratched 3% for the first time in 8 years, I'd say we could use some real stimulus, other than printing money and going further into debt.

Doesn't matter though, you can say goodbye to your standard of living and the value of your currency. Even a great tax cut will not keep this economy up now. The incompetent fool Obama has added more debt than any leader of the history of the world.

 

From your link

They are selling books based on gloom and doom. I remember reading Hal Lindsey and his gloom and doom back the 70s.

Fear is a great seller

 

That's what happens when you cut taxes, start 2 wars and then follow it with a recession.

 

Being cautious doesn't require being fearful. If you're fearful, then the issue is inside you. Historical patterns repeat. I'm sure more people in 1929 wish they had been more cautious.

 

Don't even bother. The link is a crackpot website.

 

That's what happens when you run up debt 4 straight years under Carter, increase the national debt 8 straight years under Clinton, ship all the jobs overseas with crooked trade deals, repeal Glass-Steagal, increase the national debt 8 years under Obama - and then try to fraudulently blame it all on the Republicans.

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Keep holding those dollars in the bank. You're safe, man. And keep it all in the stock market. Lol.

 

When you cut taxes and have a recession you will have increased debt for years to come. I look forward to seeing 5% growth and declining debt under Trump.

 

Economists have been warning the Obama administration about this for eight years to no avail. The Lib have been living in fantasy land while their handlers delivered cooked data and nothing but illusions and lies. No one wants to do the "Hard" things, but "Hard" things done early would have hurt far less than doing them later! Sadly some people are going to suffer greatly from the time bomb the Dems have created, clearly you can't "Print" yourself back to a thriving economy,

4.9% unemployment with a 1.6% economic growth, if they can get people to believe that sort of logic, then they can get them to believe anything! Thank God for the heartland and hard working folks that still use common sense arithmetic and not this sill Progressive Arithmatricks!

 

When you raise taxes and regulations, you eventually strangle economic growth. Then when you cut taxes as Reagan did, leading to the internet boom. You have lying fraud Democrats like Clinton take credit for the prosperity then, which never would have happened with 70%+ tax rates.

Damn sure be an improvement over Obama who had the most pathetic growth rate in history.

 

And when you raise taxes and claim to have strong economy for 8 years and the rich are getting insanely richer.... and the debt doubles and reaches $20 trillion.... should we call it incompetence, corruption or both?

 

Lets go all out Borat and call it what it really was Criminal!

 

What's wrong with the rich getting richer? Isn't that the point of tax cuts for them? Why do you hate success?

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When have tax cuts ever lowered the debt?

 

Where did this idea come from that it is the role of government to stimulate the economy? Id be thrilled if they simply stop inhibiting the economy.

 

When has anything ever lowered the debt?

 

Bernie Madoff promised 12% return with minimal risk too. How did that work out?

Hint: If these people could really get risk free 12% return on investment, they wouldn't need to peddle the sale of their book, but rather be busy counting their interest payments.

As to the topic: Good luck on Trump reducing the deficit. Many economists predict that his policies will actually explode the debt.

Are you going to start a similar thread in 4 years: "US national debt soars 200 billion in just 8 hours"? Cause I would prepare for it.

 

Tax hikes lowered the deficit under obama and Clinton

 

You're right. They're inhibiting the economy. I meant "stimulus" as a play on their pet word, which is only debt spending.

 

Nothing.... unless the rest are getting poorer and are burdened with extra $10 trillion debt, the courtesy of Obama administration, that they (the rest, not the rich, not Obama) will have to pay off sooner or later.

Sure is, unless it's combined with the complete rewrite of the tax code which will eliminate all their loopholes, deductions, writeoffs worth much more than the marginal tax rate change.

 

Who pays most of the taxes? The rich or everyone else?

 

LOL. THE DEFICIT DOESN'T MATTER IF YOU STILL HAVE A DEFICIT. BECAUSE YOU CANNOT PAY DOWN ANY OF THE DEBT AS LONG AS YOU RUN A DEFICIT. Got it?

Tax hikes didn't lower the deficits under Clinton - greater economic growth and the internet boom - coupled with capital gains cuts and other tax cuts from the GOP Congress to spur that growth are what led to reduced deficits under Clinton.

And higher tax revenue from Wall Street under Obama, pumped up by over a trillion a year in QE to keep the Wall Street bubble expanding. So the slightly higher capital gains taxes wouldn't have meant jack (*)(*)(*)(*) without the trillions in QE and debt spending they were doing to keep this gigantic bubble inflated.

 

fyi, reagan over saw 2 recessions, and raised the debt. i suggest you do your homework based on historic facts instead of some crackpot web site

 

Republicans always have an excuse why their tax cuts raised the deficit and dem policies lowered it.

 

12% a year is hardly enough to retire on, if you start from the middle class, as this man did. You'd still need decades to build up to a good retirement with that. With our current inflation rates (note the government fraudulently leaves out little things like FOOD and FUEL in its equations) which are more than 3%, you're technically only making 9% in a situation where you just have to live on your income and you're not a millionaire.

That's how the Federal Reserve works. As long it exists, THE DEBT WILL INCREASE, as it must to keep prosperity up. But such is a faux, debt based prosperity. In a normal situation, I think Trump would have been a great President for Business. But as I've said since the election for those who are hopeful, Trump will not be able to stop the economic collapse. After hyperinflation occurs, then and only then, will most Americans see the Federal Reserve as the enemy. Once it's abolished THEN you can get rid of the debt.

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The deficit went up 4 straight years under Carter with a Democrat Congress. And Obama had some of the biggest deficits in history. Democrats must stay delusional in order to justify their failed policies that rely on ever expanding debt.