Tuesday Oct 1 was the start of a new fiscal year.
To celebrate, federal debt jumped $204 billion to new record of $35.669 trillion.
The Chinese have a different animal for each year.
I think over here maybe it’s the year of the deer on the headlights.
Oh that chart might lack some perspective.
Here is gross federal debt as % of GDP
Basically our government is bigger and more expensive than it was when we were defeating a depression and winning a world war,
only we have’t defeated a depression nor won a world war.
We are spending the same amount just because well, spending feels good and lets us buy things.
In the four years of Harris/Biden they ran deficits of 2 trillion dollars per year with no recession, no wars that the US is fighting and with massive levels of COVID spending already implemented. Today’s Democrats are nothing more than a modern day version of Santa Claus.
Even worse than suspected. Under 28T with Trump and pandemic. Just under 36T with Biden Harris economy.
Let’s Go Brandon!
Great post!!
This would be the year of the dragon.
say that headline and thought of John Kerry
This is one ofthe things that bothers me the most
(I have posted iton another thread.)
If one year your bought $50k worth of cars and clothers etc.,
and another year you bought $60k worth of cars and clothes etc, then
all other things being equal you were better off in the sencond year.
But what if the second year you went $100k into debt?
Obviously on that case you are not better off
GDP is a good indicator of the economy but, because it counts only the spending side, it is not a synonym for the economy.
On day one of the new fiscal year we added $204b of new debt.
On average the GDP ($79b+) grows about $4.67b per day.
We are digging the hole deeper.
Libs seem to believe that we can open our borders and deficit spend our way to prosperity.
