National debt surpasses $31 trillion

[mystery-ak]

Published October 4, 2022 4:19pm EDT
National debt surpasses $31 trillion
Debt continues to climb even after massive levels of spending during COVID pandemic have waned
By Peter Kasperowicz | Fox News

The U.S. national debt has passed $31 trillion for the first time in history.

Treasury Department data released Tuesday showed that the total national debt was $31.123 trillion as of Monday.

The new milestone was reached even as the federal government's insatiable spending has slowed considerably as the COVID-19 pandemic has waned. In the months following the outbreak, the national debt rose by $1 trillion in just a month’s time — not just once but twice in 2020.

As a result, the federal government spent $3.1 trillion more than it received in 2020, and it spent $2.8 trillion more than it received the following year.

In 2022, the budget deficit is expected to be about $1 trillion. Some experts believe $1 trillion per year in new debt is the floor given growth in entitlement spending as well as new spending priorities set by Congress this year. Those priorities include the health and environmental policy bill known as the Inflation Reduction Act and assisting Ukraine in its war with Russia.

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https://www.foxnews.com/us/national-debt-surpasses-31-trillion

[Free Vulcan]

I called the point-of-no-return red line on the debt at $30T and we are well past that now.

We are lucky in that we are at the top of the turd heap and the rest of the world is worse off than us.

The second demand for the dollar stops, the dance is up. and even if not, the inflation and resulting higher interest rates will do us in. We are boxed in a corner.

[Hoodat]

Some experts believe $1 trillion per year in new debt is the floor given growth in entitlement spending as well as new spending priorities set by Congress this year.

It's not really debt.  They are stealing $1 trillion in monetary value from everyone who holds US dollars by devaluing the currency.  They add $1 trillion onto the 'balance sheet' with the Fed, knowing that the money will never become due.

[Kamaji]

[sneakypete]

The Dims aren't worried about this because they have this new system they are going to use that will balance the budget again by raising taxes.

It's called "The Ponzi Tax System",and at it's base is raising taxes on blue collar workers and allowing corporations to not pay taxes so they can afford to hire more workers.

[LMAO]

The next president and Congress are gonna have to seriously address this. The alternative is a further decline in our standard of living

[sneakypete]

The next president and Congress are gonna have to seriously address this. The alternative is a further decline in our standard of living

@LMAO

We,the people,need to come up with a plan to put the income of congresscritters into a serious decline unless they get their Bush back together.

[catfish1957]

The next president and Congress are gonna have to seriously address this. The alternative is a further decline in our standard of living

Been almost 40 years since anyone seems to care about any kind of balance budget or reducing the debt.

I seriously doubt the garbage in DC now have it on their radar screen.

[catfish1957]

It's not really debt.  They are stealing $1 trillion in monetary value from everyone who holds US dollars by devaluing the currency.  They add $1 trillion onto the 'balance sheet' with the Fed, knowing that the money will never become due.

Yep...In two words....  Currency dillution.

The rub is, is when the almighty $ is seen as a paper shell by other soverign nations that have a semeblence of fiscal restraint, there will be a sudden and massive push to a different refernce currency.  Will it be Crypto, Euro, Petrodollars.....  who knows.

At the moment that happens, you will see the mother of all financial collapses in the United States.

[sneakypete]

Yep...In two words....  Currency dillution.

The rub is, is when the almighty $ is seen as a paper shell by other soverign nations that have a semeblence of fiscal restraint, there will be a sudden and massive push to a different refernce currency.  Will it be Crypto, Euro, Petrodollars.....  who knows.

At the moment that happens, you will see the mother of all financial collapses in the United States.

@catfish1957

Gee,ifn ah didunt no betta,ah mite spect hit wuz plannid.

[catfish1957]

@catfish1957

Gee,ifn ah didunt no betta,ah mite spect hit wuz plannid.

Hmmm...  maybe.

In these disasters there are winners and losers.  And the biggest losers are going to be the 99.9% of  Americans who are going to have their net worth wiped out.

[sneakypete]

Hmmm...  maybe.

In these disasters there are winners and losers.  And the biggest losers are going to be the 99.9% of  Americans who are going to have their net worth wiped out.

@catfish1957

In other words,no one will be hurt but the middle-class and he upper middle-class.

The poor have nothing to take from them but the freebies the pols use to buy their votes,and the truly rich will only profit from buying up real property at a dime on the dollar during the bankruptcy sales.

If we didn't know better,we would almost be tempted to think the whole thing was planned that way,huh?

[Gefn]

Bkmk

[DefiantMassRINO]

Debt only becomes a problem when you can't afford to make the payments or you can't take on more debt when you need to.

Debt is only a number on a ledger. 

Lending only works because the lender has faith the borrower will pay him back or has collateral of equal or greater value.

The value of collateral is a belief of what a buyer is willing to pay for it.

The whole system is a pyramid scheme built upon faith, trust, and belief.  Good luck with that.

[sneakypete]

Debt only becomes a problem when you can't afford to make the payments or you can't take on more debt when you need to.

Debt is only a number on a ledger. 

Lending only works because the lender has faith the borrower will pay him back or has collateral of equal or greater value.

The value of collateral is a belief of what a buyer is willing to pay for it.

The whole system is a pyramid scheme built upon faith, trust, and belief.  Good luck with that.

@DefiantMassRINO

Well,all that plus repossession and bankruptcy sales.

[DefiantMassRINO]

After the Savings & Loans Crisis of late 1980s / ealry 1990s, the FDIC Resolution Trust Corporation sold properties to owner occupants, allowing a new generation to build wealth via real estate appreciation.

After 2008, many of the repossesed properties were acquired by investment companies.

1990's - individuals got richer.

2010's - investors got richer.

One day, we'll be serfs and sharecroppers again.

[Texas Yellow Rose]

Here's something to make your head spin.

https://usdebtclock.org/