Earlier in this week, the US National Debt Clock blew through the $30 trillion milestone like a fighter jet breaking the sound barrier! As I write this, $10 billion more has already been added.
The US is on track now for spending even more this year. A high-level view of the US debt spending during US Presidencies looks like this:
End of the Clinton era: $5.7 trillion
End of the Bush era: $9.7 trillion
End of the Obama era: $19.3 trillion
End of the Trump era: $27.7 trillion
End of the Biden first year: $30 trillion
I have stated this before: it does not matter what party is in control, there is a very bad spending problem in our government. And note that it is not only the spending, but they are continually borrowing to spend more. To me, it appears the US national debt is doubling each year. If this proves true, we should expect to see $33-$34 trillion this time next year!
What does this do to our dollars that are in existence?
What happens when the Federal Reserve raises interest rates?
How much will it cost to service these debts?
Who has this money (currency) to lend? Where does it come from?
Who is on the ‘hook’ to repay these loans that our political elite agreed to borrow?
How much more can be borrowed before a default of the debt occurs?
Can the US afford a war or proxy war with Russia?
These questions are what every American should know the answer to and hold to account. The elite count on the American people to ‘just go along to get along’. Always follow the money!
U.S. National Debt by Year
Read the article here: https://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287