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Oct 4 - U.S. National Debt Tops $31 Trillion for First Time



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 2 months ago '17        #1
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Mozzie  topics gone triple plat - Number 1 spot x13
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Oct 4 - U.S. National Debt Tops $31 Trillion for First Time
 

 
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Minneapolis
CNN Business

America’s national debt has climbed north of $31 trillion for the first time, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty.

The nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday.

The US government went on a borrowing spree during the Covid-19 pandemic to help shore up the nation’s economy as the deadly virus upended lives, labor markets and supply chains. Outstanding debt has climbed nearly $8 trillion since the beginning of 2020. And it has jumped by $1 trillion in just eight months.

The borrowing that occurred under the Trump administration and early on in the Biden administration came at a time when interest rates were low. Now, during a period of historically high inflation and a series of steep interest rates hikes by the Federal Reserve in its battle to tame rising prices, borrowing costs are far higher.

The Committee for a Responsible Fiscal Budget last month estimated that President Joe Biden’s policies could add $4.8 trillion to deficits between 2021 and 2031.

“Excessive borrowing will lead to continued inflationary pressures, drive the national debt to a new record as soon as 2030 and triple federal interest payments over the next decade – or even sooner if interest rates go up faster or by more than expected,” the CRFB wrote.

America’s borrowing levels have soared during the past decade. The outstanding public debt was $10.6 trillion when former President Barack Obama took office on January 20, 2009; $19.9 trillion when former President Donald Trump took office on January 20, 2017; and $27.8 trillion when Biden took office on January 20, 2021, Treasury Department data shows.

Surpassing another debt milestone certainly could indicate a “very large problem” in the future; however, in the near-term, high levels of inflation are of the highest concern, said Alex Pelle, US economist for Mizuho Securities.

“Any type of debt issue is really a potential issue – I wouldn’t even say a certain issue – but a potential issue for five to 10 years down the road,” he said. “One of the benefits of being the world’s reserve currency is everyone wants to buy your debt for cheap.”

visit this link https://www.cnn.com/2022/ .. bt-31-trillion
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62 comments
 

 2 months ago '13        #2
PaperBoy  topics gone triple plat - Number 1 spot x7
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 2 months ago '22        #3
Blackberries 
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+1   

 2 months ago '11        #4
Sin  topics gone triple plat - Number 1 spot x54
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And Biden keeps spending money on Ukraine and college loan debt

fu*k that cut he spending
+7   

 2 months ago '06        #5
Kundalini  topics gone triple plat - Number 1 spot x1
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 Sin said
And Biden keeps spending money on Ukraine and college loan debt

fu*k that cut he spending
Keep student loans out of this.
+8   

 2 months ago '11        #6
Sin  topics gone triple plat - Number 1 spot x54
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 Kundalini said
Keep student loans out of this.
You can’t ignore $400 billion in unnecessary spending

For perspective The fbi and irs combined budge is 20 billion a year

 2 months ago '19        #7
305Trav  topics gone triple plat - Number 1 spot x1
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Who cares

At this point the Federal Reserve just printing money that’s never going to be paid back
+12   

 2 months ago '17        #8
Mozzie  topics gone triple plat - Number 1 spot x13 OP
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 Sin said
You can’t ignore $400 billion in unnecessary spending

For perspective The fbi and irs combined budge is 20 billion a year
They don't see it like that. I noticed the average American has no idea where the money comes from, they just figure we can cancel student loan debt and everything will be ok. If they don't have that burden coming from their pocket directly then the obligation just "disappeared".
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 2 months ago '16        #9
postemupndunkit 
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I'm sorry but that defense budget gotta go
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 2 months ago '20        #10
Xiox  topics gone triple plat - Number 1 spot x1
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It'll go down , we are selling the EU gas & oil now
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 2 months ago '19        #11
Immersion Vox 
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 Xiox said
It'll go down , we are selling the EU gas & oil now
see thats the thing

the debt is in constant flux, at the current rate money is being spent faster than they can pay back
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 2 months ago '11        #12
Sin  topics gone triple plat - Number 1 spot x54
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 Mozzie said
They don't see it like that. I noticed the average American has no idea where the money comes from, they just figure we can cancel student loan debt and everything will be ok. If they don't have that burden coming from their pocket directly then the obligation just "disappeared".
I feel like some people grew up with their parents paying for everything so they didn’t really care where how it was paid for
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 2 months ago '11        #13
Sin  topics gone triple plat - Number 1 spot x54
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 Xiox said
It'll go down , we are selling the EU gas & oil now
I don’t think they’re happy buying from us


;t=W7xrCoWzuPriz92mwZZgMw
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 2 months ago '11        #14
Trolling 
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 Sin said
You can’t ignore $400 billion in unnecessary spending

For perspective The fbi and irs combined budge is 20 billion a year
It’s 400 billion over 30 years.

People need to read more than just headlines or 142 characters on Twitter.

If you compare apples to apples that’s 400 billion on student relief and 21 Trillion to Lockehead Martin and other war companies
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 2 months ago '20        #15
Xiox  topics gone triple plat - Number 1 spot x1
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 Sin said
I don’t think they’re happy buying from us


He should of grew a pair of nuts & not escalated the tensions with Russia which the US started & Germany would of never been in this situation . I doubt Merkel would of been this dumb . She knew you cannot trust Washington . He wanted that freedom gas now pay a manipulated Wall Street price for it . Is he gonna call out the Pentagon for blowing up NS1 & 2 & then kick them out of Germany . Let's wait the wide stream protest that will brew in Germany over the freedom gas prices



Last edited by Xiox; 10-05-2022 at 07:48 AM..
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 2 months ago '20        #16
Xiox  topics gone triple plat - Number 1 spot x1
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 Immersion Vox said
see thats the thing

the debt is in constant flux, at the current rate money is being spent faster than they can pay back
Are you gonna come in here & tell me that Cheetos tariffs on Chinese goods & Sleepy Joe's tariffs on Russia isn't a cause ?

 2 months ago '11        #17
Sin  topics gone triple plat - Number 1 spot x54
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 Trolling said
It’s 400 billion over 30 years.

People need to read more than just headlines or 142 characters on Twitter.

If you compare apples to apples that’s 400 billion on student relief and 21 Trillion to Lockehead Martin and other war companies
$21 trillion to Lockheed actually gives us a product in return

What does $400 billion give in return?
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 2 months ago '06        #18
Kingme 
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 Sin said
And Biden keeps spending money on Ukraine and college loan debt

fu*k that cut he spending
You should've had that energy when Trump ran up the Debt by $8 Trillion giving the majority of the money to the 1%.



Republicans are disingenuous as fu*k. No one is listening to those hypocrites but dumbasses.
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 2 months ago '11        #19
Sin  topics gone triple plat - Number 1 spot x54
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 Kingme said
You should've had that energy when Trump ran up the Debt by $8 Trillion giving the majority of the money to the 1%.



Republicans are disingenuous as fu*k. No one is listening to those hypocrites but dumbasses.
I did @ used to criticize me for always posting the national debt tweet in threads


;t=W7xrCoWzuPriz92mwZZgMw
I felt the stimulus was too broad, a lot of people working from home were given checks for nothing


Last edited by Sin; 10-05-2022 at 08:06 AM..
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 2 months ago '17        #20
yousabitch 
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 Sin said
I feel like some people grew up with their parents paying for everything so they didn’t really care where how it was paid for
nah...the thing is we as tax payers are receiving way more info on government spending now and people are realizing that capitalism is the ying and the yang....brother the rich are getting richer and the poor are getting poorer... the rich and the poor get all the help...the "middle class" gets fu*ked.....bro the middle class gets nothinggggggg and they are living check to check as well..dont be middle class and have no children because then youre double fu*ked ..Capitalism is failing...i give this country 30 years before there is a coupe in this country if this continues
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 2 months ago '12        #21
OldBusiness  topics gone triple plat - Number 1 spot x4
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 Sin said
You can’t ignore $400 billion in unnecessary spending

For perspective The fbi and irs combined budge is 20 billion a year
Your batteries shorting out again, these arguments are too easy to sh*t on. Just go have some coffee and a sandwich from Wawa my n*gga it's too early to start your day off with an L
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 2 months ago '11        #22
Sin  topics gone triple plat - Number 1 spot x54
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 OldBusiness said
Your batteries shorting out again, these arguments are too easy to sh*t on. Just go have some coffee and a sandwich from Wawa my n*gga it's too early to start your day off with an L
Nah, the street sweepers coming let me go move my car lol

Just in time




Last edited by Sin; 10-05-2022 at 08:16 AM..

 2 months ago '06        #23
imthatinfamous  topics gone triple plat - Number 1 spot x1
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modern monetary theory says this is not a big deal

 2 months ago '09        #24
K0ntrast 
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Debt to whom?

 2 months ago '15        #25
Jad95 
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I’m starting to see why Americans fall for the bullsh*t that we do. Everyone so laser focused on one-upping the other side and I’m becoming more and more convinced that the higher-ups of both sides collaborate on a level we just don’t understand. While we sit around bickering about who’s at fault, both sides continue to r*pe the country.

I see what those “crazy” people be saying now:

Left vs the right

Black vs white

Straight vs gay

Women vs men


Everybody is so caught in so many irrelevant battles, that we are all losing the battle that matters. But don’t mind me, I’m just some poster on BX.
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