Oct 5 - US starts fiscal year with record $31 trillion in debt

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 2 months ago '05        #1
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Oct 5 - US starts fiscal year with record $31 trillion in debt

US starts fiscal year with record $31 trillion in debt.



WASHINGTON (AP) — The nation's gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America's daily finances.

Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the U.S. government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong U.S. dollar.

And while President Joe Biden has touted his administration's deficit reduction efforts this year and recently signed the so-called Inflation Reduction Act, which attempts to tame 40-year high price increases caused by a variety of economic factors, economists say the latest debt numbers are a cause for concern.

Owen Zidar, a Princeton economist, said rising interest rates will exacerbate the nation's growing debt issues and make the debt itself more costly. The Federal Reserve has raised rates several times this year in an effort to combat inflation.

Zidar said the debt “should encourage us to consider some tax policies that almost passed through the legislative process but didn't get enough support,” like imposing higher taxes on the wealthy and closing the carried interest loophole, which allows money managers to treat their income as capital gains.

“I think the point here is if you weren't worried before about the debt before, you should be — and if you were worried before, you should be even more worried," Zidar said.

The Congressional Budget Office earlier this year released a report on America's debt load, warning in its 30-year outlook that, if unaddressed, the debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy.

In its August Mid-Session Review, the administration forecasted that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending, and an economy that has recovered all the jobs lost during the multi-year pandemic.

In full, this year’s deficit will decline by $1.7 trillion, representing the single largest decline in the federal deficit in American history, the Office of Management and Budget said in August.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in an emailed statement Tuesday, “This is a new record no one should be proud of.”

“In the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions," MacGuineas said. “We are addicted to debt."

A representative from the Treasury Department was not immediately available for comment.

Sung Won Sohn, an economics professor at Loyola Marymount University, said “it took this nation 200 years to pile up its first trillion dollars in national debt, and since the pandemic we have been adding at the rate of 1 trillion nearly every quarter."

Predicting high inflation for the “foreseeable future,” he said, “when you increase government spending and money supply, you will pay the price later."

visit this link https://news.yahoo.com/us .. 220845214.html


 2 months ago '05        #2
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 92Felonies said
If we in debt

And China economy is sh*t and relies on us as a main consumer who has all the money?

The saudis??
Whenever a dollar is printed, that is a dollar of debt we owe to the federal reserve. If we were to pay back the $31 trillion debt we owe, there would be no money in circulation.

 2 months ago '05        #3
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What's debt when your deebo

You people acting like we Turkey

This America baby, our face good

 2 months ago '05        #4
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 92Felonies said
Doesn’t America own the federal reserve

The banks need places to be to get people

This sh*t isn’t making sense to me. Personally

Sounds like government major corporations and big banks

Just playing with our money
Not at all, America doesn’t own the federal reserve but we’re more like their bully. For example, when we go into a country and get their leaders to allow us to go in and take their resources our media and govt will portray it as we’re giving like Argentina a $50 billion dollar investment. The leaders will get some money and let America instal a military base and then an American corporation will go in and privatize their water or their oil, most of that 50 billion goes to American business who will r*pe that country for its resources. Now that country is not only in debt to America but the people living there get nothing out of the deal and have their lives ruined because the resources they used to depend on are now going to American businesses.

Now, if that leader decides to stand up for their country and tell America no they can’t privatize sh*t and will not take the deal, America will create an uprising by arming “rebels” to overthrow the leader and install a puppet that will go along with the program.

Long a*s post my fault, tried to explain it the best I could on the fly

Sign me up


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