Gaius
1
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.
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Gaius
2
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.
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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.
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Camp
4
Even worse than suspected. Under 28T with Trump and pandemic. Just under 36T with Biden Harris economy.
Let’s Go Brandon!
Great post!!
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This would be the year of the dragon.
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say that headline and thought of John Kerry
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Gaius
7
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.
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Libs seem to believe that we can open our borders and deficit spend our way to prosperity.
