TERRIFYING: The US National Debt Blows Past $33 Trillion
On September 18, 2023, the United States’ gross national debt topped $33 trillion, the highest figure on record.
On top of that, publicly-held debt reached a new record of $27 trillion.
The US has had debt since its founding, however since the end of World War II, the national debt has ballooned due to the welfare state, never-ending wars, Wuhan virus pandemic, and the latest geopolitical happenings such as the Russo-Ukrainian conflict. The debt grew $5 trillion between 2019 and 2020, and an additional $6 trillion since then.
During an interview with CNBC, Treasury Secretary Janet Yellen stated that she was “not really concerned about the impact” the Biden regime’s spending programs were having on the national debt, asserting that all will go smoothly if the federal government “make[s] sure that we stay on a sustainable course.”
She conceded, though, that if leaders are unable to keep things on the right path, it could start becoming problematic.
According to the annual report by the Congressional Budget Office in June, this upward moving debt trend is expected to continue. By the conclusion of 2023, it projected that publicly-held federal debt will reach 98% of gross domestic product.
If current debt trends hold, the national debt is expected to reach 181% of GDP by 2053. The national debt first reached $1 trillion in 1981, and since then the debt has exploded.
The US’s astronomical and ever-growing debt would hamper economic growth, hike interest payments to foreign holders of US debt, and threaten the overall economic outlook of the country.
The US’s fiscal profligacy is one of the worst public policy offenses that its political class has committed in the past century. It represents a literally and metaphorically bankrupt mindset to the way its leadership class pursues economic policy.
Fiscal restraint is off the essence in this critical moment of American history. The only way this can ever be achieved is through the election of a new political class guided by America First nationalist and fiscal restraint.