Blog/USA Current Events
Posted Feb 5, 2022 by Martin Armstrong
(Image: US national debt holdings as of 2018)
America’s debt surpassed the $30 trillion mark for the first time and there is no intention of paying it back. “We’re on an unsustainable path,” Federal Reserve Chairman Powell told lawmakers in January. “Debt is not at an unsustainable level, but the path is unsustainable — meaning it’s growing faster than the economy, meaningfully faster than the economy. We have to address that over time. We will address it over time. And the better way to do it is soon.”
According to the Treasury Department, outstanding debt jumped from $19.9 trillion when Trump took office in January 2017, and rose to $27.8 trillion when Biden took over in January 2021. Unexpected expenses due to the coronavirus added a massive amount of debt to the balance sheet. Still, politicians wish to continue spending to fund the Build Back Better agenda. “The debt puts an unbelievable burden on future generations of Americans. Congress cannot wait! We must take action now to get America’s fiscal house in order,” said Rep. Lloyd Smucker of Pennsylvania.
Click on the clock above to view the US national debt rise in real-time.