A New Beginning? Day One of new fiscal year: Federal Debt lurches upward

Gaius · 2024-10-03T09:34:02.326Z

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 · 2024-10-03T09:37:13.482Z

Oh that chart might lack some perspective.

Here is gross federal debt as % of GDP

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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.

Eagle-Keeper · 2024-10-03T11:00:12.008Z

Gaius:

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.

Camp · 2024-10-03T11:11:26.494Z

Even worse than suspected. Under 28T with Trump and pandemic. Just under 36T with Biden Harris economy.

Let’s Go Brandon!

Great post!!

Toll_Collector · 2024-10-03T12:30:46.208Z

This would be the year of the dragon.

Impenitent · 2024-10-03T15:35:57.076Z

say that headline and thought of John Kerry

Gaius · 2024-10-03T19:59:03.306Z

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.

Eagle-Keeper · 2024-10-04T11:26:22.787Z

Libs seem to believe that we can open our borders and deficit spend our way to prosperity.

Gaius · 2024-10-05T14:18:56.333Z

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SixFoot · 2024-10-07T21:13:40.800Z

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