The US debt has risen above $22 trillion for the first time—$22,012,840,891,685.32, to be precise (11 months after topping $21 trillion). Take that in for a second… There will come a day when our country will have to address our staggering debt. It is critical to take action to protect your life savings and not be lulled into a false sense of security. This article from ZeroHedge will give you an in-depth look at how this problem is not going away.
For 8 years, we took every opportunity to point out that under Barack Obama’s administration, US debt was rising at a alarmingly rapid rate, having nearly doubled, surging by $9.3 trillion during his term.
And while the absolute pace is slower, the trajectory of US debt under the Trump administration looks set to be no different.
We note this because as of close of Monday, the US Treasury reported that total US debt has risen above $22 trillion for the first time; or $22,012,840,891,685.32 to be precise (11 months after topping $21 trillion).
“Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,” said Michael A. Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan organization working to address the country’s long-term fiscal challenges.
Putting this in context, total US debt has now risen by over $2 trillion since Trump took office… but notably slower than Obama’s pace of borrowing…
We doubt today’s milestone will be celebrated on Trump’s twitter account.
And while some can argue – especially adherents of the socialist Magic Money Tree, or MMT, theory – that there is no reason why the exponential debt increase can’t continue indefinitely… the CBO’s long-term forecast of debt issuance is, basically, apocalyptic as the following chart confirms…
To read the full article, visit ZeroHedge: US National Debt Tops $22 Trillion | ZeroHedge