U.S. Debt Hits $40T as America's Borrowing Binge Continues

latchkey

https://archive.ph/0NalV

rhelz

By the time Trump leaves office, the whole federal government will be completely trashed, up to and including the East Wing of the White House being torn down to a hole in the ground. I've never felt so alienated from the leaders of my industry, from my politicians, and from my fellow citizens. Ya'll should have known better. It is the information age, all ignorance is willful ignorance.

bubbleRefuge

Federal gov deficit = private sector savings.

0xy

Unlimited spending will never cease as both parties are heavily incentivized to spend, pork barrel and defer desperately needed reform. Social Security hurtles towards a cliff while it has a 'fix everything easily' button because no large scale reform is possible until it's the very last minute or far too late, then a sloppy and terrible solution is rammed through full of more pork.

rbanffy

I guess it’s time to elect a couple democrats to curb the deficit while solving the impending social collapse. Unfortunately, I don’t think that will happen this time.

bamboozled

This admin has done basically the opposite of everything it said it would do…who could’ve guessed?

motbus3

I am ignorant. If they don't pay, who will charge it if the default?

jambalaya8

Welp, I am just glad I have no debts or loans myself; paid all my student loans off well over a decade ago. Excited to not have a credit rating whatsoever.

oivaksef

They need to cut your taxes and raise everyone elses. The US needs the binface party as a credible 3rd choice.

lokar

The media should report the number that actually matters: debt to GDP ratio. It’s quite high as well, but it’s the more meaningful number.

skeledrew

And who's going to hold the US responsible for repayment? Way I see it, US has the power to just tell any creditor that they won't be repaying, whether through structuring it as some economic package or just straight up saying go suck it. The former's been done before (1933); maybe eventually we'll see the latter, if a nation has the balls to ask. And talking about it is pretty pointless, like talking about how wet you'll get swimming in a pool.

odyssey7

What if we viewed national debt like CPI? It’s not that it’s ridiculously higher now, it’s that money works differently now. What used do seem implausible is now accepted as normal, and tough luck if your income and wealth fell behind / didn’t keep pace.

TitaRusell

And they spent it all on healthcare, public housing and high speed rail right?

thelastgallon

> Ten years ago, the debt level was at $19.4 trillion. $80 trillion if it doubles again in 10 years.

insane_dreamer

brought to you by the "party of fiscal responsibility"