NATIONAL DEBT REACHES $33 T – PRUDENT INVESTORS CONCERNED BUT MOMO CROWD SAYS DEBT DOESN’T MATTER
September 20, 2023
By Nigam Arora
A Terrible Milestone Reached
Please click here for a chart of U.S. national debt.
Note the following:
The chart shows the accelerating trajectory of the U.S. national debt.
The Treasury Department is informing that for the first time, gross national debt has exceeded $33T.
The chart shows that about $10T worth of debt has accumulated since the pandemic.
The national debt is likely to exceed $50T by the end of the decade if nothing substantial is done.
Many federal programs passed by the Biden administration are costing more than expected. Here are two examples:
The Inflation Reduction Act of 2022 was supposed to cost about $400B over 10 years. The reality is that it may cost more than $1T. The government simply underestimated the generosity of energy tax credits in the act.
The Employee Retention Credit was supposed to cost about $55B. It has already cost $230B. Recently, the IRS froze the program to stop fraud.
Estimates are that the Federal government will be paying over $10T in interest over the next decade.
For the first 11 months of the fiscal year, the federal deficit stands at $1.5T, a 61% increase over the same period last year.
The U.S. national debt equals over $254,000 per taxpayer.
In addition to the national debt, the government has unfunded liabilities. These liabilities now total over $193T. This equates to over $577,000 per U.S. citizen.
Momo gurus have convinced the momo crowd that the national debt and unfunded liabilities do not matter. Momo gurus keep urging their followers to ignore the debt and buy
The momo crowd is buying stocks in the early trade on hope strategy.
The narrative from momo gurus is that the stock market will rocket up after the Fed announcement. Even though momo gurus have been consistently wrong, prudent investors pay attention to momo gurus’ narrative because they have a large following, and the momo crowd is often in control of the stock market in the short term.
National debt exceeds $33 trillion, but no one seems to care . With a government shutdown possibly happening sometime over the next two weeks if there’s no spending deal in Congress, the U.S. national debt has quietly slipped past the $33 trillion markfor the first time. It is on track to exceed $50 trillion by the decade’s end. “The increase in debt over the last 20 years was overwhelmingly driven by the trillions spent on Republican tax cuts skewed to the wealthy and big corporations,” a White House spokesperson toldThe New York Times .
Experts Warn that Biden’s 2024 Budget Will Send Debt Skyrocketing Even Higher.
A massive $6.8 trillion annual budget is coming. It’s impact could be far reaching beyond what most people realize. Are you prepared?
Biden recently unveiled a massive $6.8 trillion annual budget proposal for the 2024 fiscal year. Despite his claims of reducing the deficit, the Congressional Budget Office estimates that deficits between 2021 and 2031 will be $6 trillion higher than previously projected due to Biden’s spending.
Concern over this unsustainable financial situation is mounting. Fitch downgraded the US credit rating from AAA to AA+ due to a “deterioration” of the country’s finances, the growing debt burden and the “erosion of governance.” This means that higher taxes and borrowing costs are not merely possibilities, but approaching realities
How much more spending can we take? Who will be paying for all these rising costs?!?
If you guessed the US taxpayer… you’re on track.
Members from the Senate Committee on the Budget, say Biden’s budget is a tax hike budget “that will hit millions of hardworking Americans…By the end of the budget window, taxes as a share of the economy reach levels only previously seen during World War II.”
The media agrees: “The latest grim news on the exploding federal government deficit testifies to the recklessness and incompetence of President Joe Biden,” The Washington Examiner recently reported.
Maybe, but then again, the moderators were not getting paid and a number of them were dealing with some severe health and family issues including Patriot himself. They probably don’t have time to deal with our bullsh*t and have other priorities to attend to at the moment.
I don’t know them, but I would think what you said is probably true. I think it’s cool that they keep this place open, even though it is a circus some times.
