U.S. Taxpayers, You Owe $34.75T and Climbing
As of Monday, my fellow American taxpayers, we were on the hook for $34.75 trillion of national debt. Even worse, that was over $69 billion more than the previous day’s debt!
The U.S. national debt is absolutely unsustainable, and the government has to spend $1 trillion annually just to service the debt. In fact, the only economic “growth” under Joe Biden is government spending—that is, government (and thus taxpayer) debt.
From Fox Business:
‘The national debt — which measures what the U.S. owes its creditors — increased to $34,750,498,829,987.55 as of Monday afternoon, according to the latest numbers published by the Treasury Department. That is up about $69.4 billion from the figure reported the previous day.
By comparison, just four decades ago, the national debt hovered around $907 billion…The latest findings from the Congressional Budget Office indicate that the national debt will grow to an astonishing $54 trillion in the next decade.’
Fox described the federal debt level outlook as “bleak.” The reality is that this sort of irresponsible spending cannot go on forever, especially since the U.S. dollar is rapidly losing its status as world reserve currency. America could descend into irreversible national and international catastrophe long before the next decade has ended, unless we have a change in leadership and radical reform in the near future.