US National Debt Tops $32 Trillion for the First Time
US National Debt Tops $32 Trillion for the First Time
The U.S. national debt surpassed $32 trillion for the first time on Thursday, according to Treasury Department data released today. The milestone comes less than two weeks after President Joe Biden signed into law the Fiscal Responsibility Act of 2023, his compromise with Republicans led by House Sp...
Spending money on worthwhile endeavors is a good thing, but you have to have the money to spend in the first place. If you don't and you just kick the can down the road it puts a much heavier burden on future generations. We need to get serious about raising taxes on those who do not pay their fair share.
Except, the money is being spent on a bloated military budget while US keeps cutting social services and other kinds of productive spending.
One distortion of excessive national debt can be inflation. Good thing that’s not a conce—oh wait.