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The total amount owed by the United States to the federal government has topped $30 trillion. It's tough to grasp the magnitude of the problem even though we're all affected, but that's part of the problem. The following infographic gives a variety of viewpoints on how Americans' debt affects the economy, their personal finances, and the quality of life in the United States.
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It will be much, much, much higher in forty years.
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Does debt matter? As the Biden administration and its economic cheerleaders prepare ambitious spending plans, a radical new idea is spreading: Maybe debt doesn’t matter.
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According to the International Monetary Fund (IMF), global fiscal support in response to the crisis will be more than $9 trillion, approximately 12 percent of world GDP. This premature, clearly rushed, probably excessive, and often misguided chain of so-called stimulus plans will distort public finances in a way which we have not seen since World War …
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Maybe “budget” wasn’t really the word they were looking for. How else to explain the face of bipartisan agreement to a two year “budget” deal that lifts the debt limit and increases federal spending by $300 billion. If that’s their idea of “budgeting”, let’s just be grateful they didn’t call the agreement “Splurge 2018”. This …
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One thing governments show us over and over again is their promises are almost always broken. This should concern us greatly since the “war” on COVID-19 will bring many promises from Congress that will never be realized but will cost us a lot of money anyway. Our federal government promised to balance the budget every …
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The federal debt numbers have become so absurdly large that almost no one but mathematicians really appreciates them. Even before our nationwide COVID-19 panic attack, we were heading for yet another trillion dollar deficit. Before the dust settled, 30 million Americans had filed for unemployment, those fortunate enough to have jobs were figuring out how …
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There is hesitation among the political class as to what must be done to pay down and eliminate this debt. At around $22.5 trillion, the United States national debt sits at 106 percent of Gross Domestic Product (GDP). There is no disputing that this gigantic debt will someday become due and payable. However, there is …
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The Congressional Budget Office on Friday announced that the federal government would likely run up a $3.7 trillion deficit due to the effects of the coronavirus pandemic on the U.S. economy and massive spending for relief efforts. The government will add over $2 trillion to the national debt in the remaining six months of the …
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Rep. Thomas Massie (R-KY) on Capitol Hill in Washington, July 24, 2014. A Kentucky Congressman said he would vote against the Senate’s phase-three economic relief package that passed 96-0 on Wednesday night, citing concerns that the $2-trillion-dollar bill would worsen the already-growing national debt. Representative Thomas Massie (R., Ky.) told 55 KRC radio Thursday morning …
The total amount owed by the United States to the federal government has topped $30 trillion. It's tough to grasp the magnitude of the problem even though we're all affected, but that's part of the problem. The following infographic gives a variety of viewpoints on how Americans' debt affects the economy, their personal finances, and the quality of life in the United States.
