/View.info/ We did it, Joe! It took a giant leap forward, but the US national debt managed to reach $34 trillion by the end of 2023. I’m just so overwhelmed right now that I don’t know who to thank first. Over the past few years, Joe Biden, Kamala Harris, Chucky Schumer, Nancy Pelosi, Kevin McCarthy, and many other hard-working spendthrifts have contributed to this remarkable achievement.
And we would never have gotten there without the tireless help of CNN, MSNBC, Fox News, the New York Times, the Washington Post, and all the other major news outlets who have continued to reassure the American people that it is okay to steal trillions of dollars from our children and grandchildren. .
Of course I’m kidding. The truth is, what we are doing to future generations of Americans goes beyond the criminal code. We are literally committing national suicide, but every election cycle most of the same big-spending politicians just keep winning over and over again.
Those on the other side of the fence will argue that it is absolutely necessary to borrow and spend so much money.
If we hadn’t propped up the US economy with giant mountains of borrowed money, it would have collapsed long ago.
Plus, spending so much money allows us to project military and economic power across the planet. If we only spent what we earned, America’s position in the world would be greatly diminished.
Having the world’s main reserve currency is a huge source of power, but that power is now waning.
Countries around the world are beginning to move away from using the US dollar in international trade and are becoming increasingly reluctant to buy our debt.
There is only so much money you can borrow and spend before the whole Ponzi scheme collapses and we are currently over $34 trillion in debt….
The US national debt hit a record high, reaching $34 trillion for the first time in history.
Data released by the Treasury Department on Tuesday showed that outstanding federal loans rose to $34.001 trillion on Dec. 29, just weeks before a congressional deadline to pass new federal funding plans.
The staggering figure, which is a major source of contention between Republicans and Democrats, is $101,233 in federal debt per person in America, according to the Peter G. Peterson Foundation.
So if you have four people in your household, your share of the national debt is over $400,000.
And every day the debt gets bigger and bigger. As Wolf Richter pointed out, the size of the national debt has increased by $2.5 trillion in the last seven months alone….
Total U.S. government debt rose by $1.0 trillion in the 15 weeks to September 15 to $34.0 trillion, according to Treasury Department data released this afternoon. In the seven months since the debt ceiling was lifted, the national debt has grown by $2.5 trillion.
These are huge numbers that add up as a result of the incredible, inexplicable, reckless spending by Congress to reduce the budget deficit.
Overall, the US national debt has grown by $6.25 trillion since Joe Biden entered the White House.
It took the first 225 years of US history for the country’s national debt to reach the $6 trillion mark, and now we’ve added over $6 trillion to the debt in less than 3 years.
This is what the endgame looks like.
We are in a debt spiral that is completely out of control and there is no way this story will end well.
And despite the fact that we are endlessly pumping colossal amounts of money into the economy, our economic conditions continue to deteriorate.
On Wednesday, we learned that U.S. job vacancies fell “to their lowest level in more than two years”…
“U.S. job vacancies fell in November to their lowest level in more than two years, the latest evidence that the Federal Reserve’s campaign to raise interest rates continues to cool the labor market.”
This is a sign that the economy is getting worse.
And more and more large companies continue to lay off workers. For example, Xerox just announced that it will cut 15% of its workforce…
Xerox announced Wednesday that it will cut 15 percent of its workforce as part of a plan to implement a new organizational structure and operating model.
Xerox, which offers digital printing and document management technologies, had about 20,500 employees as of Dec. 31, 2022, according to filings with the U.S. Securities and Exchange Commission. Based on that figure, Wednesday’s layoffs will affect about 3,075 employees.
Xerox shares fell more than 12% after the announcement on Wednesday.
So what can we do to “recover the economy”?
Well, we can follow the federal government’s lead and borrow and spend even more money.
Of course, most of the country is already deep in debt. According to a recent survey, only about half of the country’s population was able to pay off their credit card balances in full in December…
Only half of America’s credit card customers believe they can pay off their December balance in full, according to an industry index, indicating low levels of “credit card confidence” as the country exits the holidays.
The LendingTree Credit Card Confidence Index, a monthly survey published since 2018 by the personal finance site, fell to 51% in December, a record low.
In a nationally representative survey of 1,514 cardholders, only 51% said they were confident they would be able to pay off their card balances this month. In November, the confidence index was 58%.
Our ancestors gave us the keys to the greatest economic machine in world history.
But we never had enough.
We always needed to have more, so we just kept borrowing and spending.
Now the endgame has arrived and it will be excruciatingly painful.
“American consumers are drowning in record amounts of debt, American corporations are drowning in record amounts of debt, state and local governments are drowning in record amounts of debt, and the federal government is drowning in record amounts of debt.”
America’s money empire was good while it lasted, but now it’s over and the impending collapse will indeed go down in the history books.
Translation: SM
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