While as we have seen in another blog, the Biden administration is investing millions in new Covid home test kits, Fox News has reported that on Monday 18th September, the U.S. national debt topped $33 trillion for the first time ever, crossing a critical milestone at a time when government spending is already under scrutiny.
According to new Treasury Department data, the national debt, which measures what the United States owes its creditors, reached $33.04 trillion on Monday afternoon. In comparison, the national debt was around $907 billion just four decades ago.
Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, stated that “The United States has hit a new milestone that no one will be proud of: our gross national debt just surpassed $33 trillion. Debt held by the public, meanwhile, recently surpassed $26 trillion. We are becoming numb to these huge numbers, but it doesn’t make them any less dangerous.”
The historic debt level comes as Congress works feverishly to avoid a government shutdown at the end of September.
Late Sunday, House Republicans unveiled a short-term plan to fund the government until October 31. The short-term measure, known as a continuing resolution, would impose an 8% cut on federal agencies, excluding defense, veterans affairs, and disaster relief funding.
Members of the House Freedom Caucus and the more moderate Main Street Caucus sponsored it. However, the bill has already met with GOP opposition, raising the stakes of another tense showdown on Capitol Hill.
Michael Peterson, CEO of the Peter G. Peterson Foundation, said that “As lawmakers drift from one short-term fiscal crisis to the next, our national debt just keeps piling up, trillion after trillion. After the debt ceiling showdown in June, we crossed the $32 trillion debt milestone. Now, as we stare down a potential government shutdown just three months later, we have raced past $33 trillion in red ink.”
According to the Congressional Budget Office’s most recent findings, the national debt will nearly double in size over the next three decades. By the end of 2022, the national debt had risen to approximately 97% of GDP. Under current law, that figure is expected to skyrocket to 181% by the end of 2053, far exceeding any previous level.
And while they do the blame game, with the White House blaming the Republicans, because in politics, no one is accountable and they are always pointing fingers at each other, the American nation, like the rest of the world, is suffering inflation and those at the lower scale, are truly going into more hardship and feeling it most.
Michael Peterson stated that “As we have seen with recent growth in inflation and interest rates, the cost of debt can mount suddenly and rapidly. With more than $10 trillion of interest costs over the next decade, this compounding fiscal cycle will only continue to do damage to our kids and grandkids.”
Whoever tagged along the Covid-19 pandemic and the Great Reset which this site has warned about from the beginning, has no place in the path of Truth in this unique time in the history of mankind, with more suffering that it has brought about on the people.