Does Anyone Even Care That The U.S. National Debt Will Soon Cross The 30 Trillion Dollar Mark?
Scoop Publisher Francesco Abbruzzino
I didn’t think that this would happen. A few years ago when the U.S. national debt crossed the 20 trillion dollar mark, I didn’t think that it would ever get to 30 trillion. But at this moment the U.S. national debt is around 28 trillion dollars, and our politicians in Washington are about to pass a 1.9 trillion dollar “relief bill”. We are going to have to borrow every single dollar that we spend in that bill, and that will be on top of all of the “normal” borrowing that we are already doing. So by the end of 2021, the U.S. national debt will cross the 30 trillion dollar mark. I am sitting here searching for words that will do justice to how foolish this is, but I can’t seem to find any. We are literally in the process of committing national financial suicide, but fewer Americans seem to care about budget issues than ever before.
According to the Bureau of Economic Analysis, U.S. GDP declined to 20.93 trillion dollars in 2020.
So once our national debt crosses the 30 trillion dollar mark, our debt to GDP ratio will be surging toward 150 percent.
That is madness.
But most Americans are greatly in favor of the 1.9 trillion dollar COVID “relief bill” that is currently going through Congress, because it includes more direct “stimulus payments” to the American people.
Of course most of the money in the bill is not going directly to the American people. In fact, one analysis found that direct payments only account for about 35 percent of all money allocated…
About 22% of the total bill comes from the $422 billion set aside for $1,400-per-person stimulus checks. Another 13% ($246 billion) is for extending additional unemployment funding of $400 a week.
And that was before Joe Biden and moderate Democrats in the Senate agreed to dramatically reduce the number of Americans that will qualify for payments…
************************************
Facebook is going to great lengths to restrict my page from showing up in your feed, unless I advertise with them. Their algorithm gives a higher score (see more of my postings) if individuals like my page and belong to my Scoop News Group. Join the group today by clicking —- >>> here.