BetelbuddyMar 19

US national debt surges past $39 Trillion

https://apnews.com/article/us-national-deficit-hits-39-million-6ff73495bae701b5c009d3da5515ca3a

US national debt surges past $39 trillion

The U.S. national debt has hit a record $39 trillion. The deficit hit the milestone Wednesday just weeks into the U.S.-Israeli war in Iran. The Government Accountability Office says rising debt can raise borrowing costs for mortgages and cars. It can also squeeze wages and push up prices. Budget advocates warn that growing interest payments force tougher tradeoffs. The federal debt has surged under both Republican and Democratic presidents, most recently fueled by wars, large-scale pandemic spending and tax cuts. The U.S. national debt hit $38 trillion five months ago — and $37 trillion two months before that.

AP News
Show threadjawnsMar 19

Economists often say that the national debt isn't analogous to consumer debt, because the US has a number of means to address it that the average consumer does not have, including the ability to print money.

And while that's true ... perhaps we as citizens and taxpayers would be better off ignoring that technicality and treating this debt as more like consumer debt.

Eventually, it's going to come back to bite us or our children, and we need to be willing to make some hard choices now to avoid having to make even harder choices later.

Show threadwagwang
Ah yes, the "we can cure debt by going into hyperinflation" argument
Mar 19 at 5:27pmWeb
Show threadcogman10Mar 19

It's something that the US could uniquely do without going into hyperinflation due to it's status as a reserve currency.

That all, of course, changes if other countries decide they've had enough of our shit and switch over to different reserve currencies like BRICS. And, of course, printing currency to get out of debt is something that would make countries consider dumping the dollar as a reserve currency.