The U.S. National Debt is Rising by $1T About Every 100 Days

https://www.cnbc.com/2024/03/01/the-us-national-debt-is-rising-by-1-trillion-about-every-100-days.html

by safaa1993 • 2 years ago

30 27 2 years ago

I can't square the incredible performance of the market and health of the US economy with the deficit. If times are so good then why aren't we taking advantage of the opportunity to pay down some debt or get control of our deficit? I don't even want to think about what happens in a crisis.

rancour• 2 years ago

Not while we have non-stop propaganda blasting us every which way.

2OEH8eoCRo06• 2 years ago

Could you please explain what you mean?

EchoChamberMan4• 2 years ago

The wealth is concentrated in the hands of the very few.

[Edit]

And they have no interest in sharing, or paying off government debts.

2OEH8eoCRo06• 2 years ago

Are you trying to say that the US economy isn't actually thriving right now?

j-j-j-j• 2 years ago

Why didn't Madoff just slow down to pay off the ponzi during the good times?

gscott• 2 years ago

Why not print money and buy the Magnificent 7 stock, sell over time and pay off national debt!

SkyPuncher2• 2 years ago

Because this debt is largely meaningless - except as a political tool. All countries have debt to the point that it’s basically a big web.

What really matters is the trust in the financial system behind the debt. Do other countries believe that the US can take out more debt in good faith? If yes, then this is fine.

In individual terms, this is much like having a mortgage. It’s a massive number, much larger than your annual income that you’ll be making payments on for ages. You can still get more debt (credit cards, auto loans, HELOC) because it’s expected that you’ll have a certain amount of debt. Your debt only becomes a problem when you show that you can’t pay it.

dnissley2• 2 years ago

If that's the case doesn't it still make sense to try and reduce debt? Due to unforeseen circumstances? Going by your metaphor we could say the possibility of the industry you work in becoming a lot less lucrative due to technological advances, or macroeconomic changes like jobs going overseas -- this isn't an abstract threat! It's happened before and will happen again!

vendiddy• 2 years ago

Where is most of this spent?

seanmcdirmid• 2 years ago

Interest payments?

Acrobatic_Road2• 2 years ago

Interest is on its way to be the largest category of spending by 2051. This assumes rates never go above 4%. Every 1% increase is basically equivalent to adding another defense department.

https://www.crfb.org/blogs/interest-costs-will-grow-fastest-...

Acrobatic_Road2• 2 years ago

Social Security, Medicare/Medicaid, Interest, Defense in approximately that order.

486sx33• 2 years ago

Otherwise known as entitlements, debt, and the military industrial complex

All of the items listed should be spun off into their own respective organizations separate of the federal government IMHO

trafficante• 2 years ago

When the Democrats hold power, this crisis will be exploited to enact heavy taxes on 401ks and the like (recent think tank white papers are creating ground work for this).

When the Republicans hold power, this crisis will be exploited to cut Social Security for Gen X and younger and take an axe to other entitlement programs.

The U.S. National Debt is Rising by $1T About Every 100 Days

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