Month: November 2021

Who Owns the US National Debt?

The U.S. national debt exceeded $28 trillion in 2021.1 One thing that many people may not know is that the Social Security Trust Fund owns a significant portion of that national debt. So how does that work and what does it mean? Below we’ll dive into who actually owns the U.S. national debt and how that […]

State and Local Governments Flush with Cash

The Bureau of Economic Analysis (BEA) recently released data on state and local government spending and receipts in the third quarter of 2021. Receipts are 23 percent above pre-pandemic levels and roughly 16 percent above their pre-pandemic trend in the three-month period from July through September, thanks to massive federal transfer payments from COVID relief legislation and […]

Don’t be fooled by shiny objects: The solution to the debt ceiling is to cut the debt

Last week President Biden signed legislation raising the nation’s borrowing limit by $480 billion, to $28.9 trillion, pushing the debt limit deadline off until approximately Dec. 3. While the debt ceiling is generally raised after partisan fanfare from both sides, it is never guaranteed to be raised, and fights over this matter have previously called the full faith and […]

Biden’s spending plan could cost up to $4T, Penn Wharton analysis shows

  Biden’s spending plan may obscure full price tag, analysis suggests Rep. Byron Donalds, R-Fla., argues the Democrat’s massive spending bill will hurt small businesses and working families in the country. President Biden unveiled a revised framework last week for a modified social spending plan that imagines spending close to $1.75 trillion over the next decade, but a new […]