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IPFS News Link • Government Debt & Financing

Does Anyone Even Care That The U.S. National Debt Will Soon Cross The 30 Trillion Dollar Mark?

• by Michael Snyd

 A few years ago when the U.S. national debt crossed the 20 trillion dollar mark, I didn't think that it would ever get to 30 trillion.  But at this moment the U.S. national debt is around 28 trillion dollars, and our politicians in Washington are about to pass a 1.9 trillion dollar "relief bill".  We are going to have to borrow every single dollar that we spend in that bill, and that will be on top of all of the "normal" borrowing that we are already doing.  So by the end of 2021, the U.S. national debt will cross the 30 trillion dollar mark.  I am sitting here searching for words that will do justice to how foolish this is, but I can't seem to find any.  We are literally in the process of committing national financial suicide, but fewer Americans seem to care about budget issues than ever before.

According to the Bureau of Economic Analysis, U.S. GDP declined to 20.93 trillion dollars in 2020.

1 Comments in Response to

Comment by Ed Price
Entered on:

Does anyone even care that all bank loans are creations of new money? You and the government never borrowed anything from the bank. Either you prepaid your loan, or the bank borrowed the new money you created from you, and paid you back when they gave you your so-called loan. Same with government. It's all fake and a lie. The banks are screwing you when you pay back the nonexistent loan. --- ---