Asia Times – How long can the debt keep growing before US goes bankrupt? The US has the largest deficit since World War II at 16% of GDP, and the Federal Reserve is financing virtually all of it, with a small contribution from financial corporations (mainly banks). Foreign purchases of US debt (the green area labeled […]
SALT LAKE CITY (KUTV) — Rep. Chris Stewart introduced the Debt Control Through Budget Reconciliation Act of 2021 earlier this week. The legislation that amends the Congressional Budget and Impoundment Control Act of 1974 establishes annual debt-to-GDP targets. These targets would gradually reduce the public debt over the next 30 years to approximately 50% of GDP (the average annual debt-to-GDP […]
The Fed’s creative accounting combined with profligate federal spending won’t end the pain for Americans. Wall Street Journal – Opinion – Feb. 28, 2021 12:44 pm ET Economists John Greenwood and Steve H. Hanke ably sound the alarm in “The Money Boom Is Already Here” (op-ed, Feb. 22). Too many have looked away as the […]
Perhaps the most surprising outcome of the 2020 elections is the narrowness of the governing margins in Congress. While Joe Biden was expected by most observers to be the next president, it was unexpected to many that Republicans narrowed the gap in the House. The Senate, meanwhile, has the narrowest margin possible (a 50-50 split […]
INDIA NEWS: In 2020, the US national debt was USD 23.4 trillion, that was USD 72,309 in debt per person. The US, the world’s largest economy, owes India USD 216 billion in loan as the country’s debt grows to a record USD 29 trillion, an American lawmaker has said, cautioning the leadership against galloping foreign […]
Yahoo Finance Andrew Lisa Thu, February 25, 2021, 12:05 PM·4 min read In a world where most people live their whole lives without ever seeing more than a few thousand dollars in the same place at the same time, $28 trillion is an incomprehensible sum. It’s such a ridiculously huge number that it doesn’t even […]
Opinion by George F. Will Washington Post Columnist Feb. 26, 2021 at 7:00 a.m. EST When Andrew Jackson became president in 1829, the national debt was $58.4 million, and Old Hickory was as frugal as he was disagreeable — very — so his Treasury Department announced that on Jan. 1, 1835, the debt would be zero. Almost: It was $33,733.05. In today’s […]
Economists interviewed by FEE warned that when the dust settles after COVID-19, we’ll still have a major problem on our hands. With COVID-19 ravaging the country and government pandemic lockdowns devastating our economy, the national debt has understandably slipped to the back of many Americans’ minds. But the federal government continues to fall deeper into […]
For many Americans, the national debt—now approaching $30 trillion—is an afterthought that must always take a backseat to the social and economic problems of the day. Now, it’s the COVID-19 pandemic and recovery. Before that, it was the 2008 recession. Before that, wars in Iraq and Afghanistan. While people are suffering, who can be so callous as […]
Today, Congressman Chris Stewart (UT-02) introduced the Debt Control Through Budget Reconciliation Act of 2021. This legislation establishes annual debt-to-GDP targets that would gradually reduce the public debt over the next 30 years to approximately 50 percent of GDP (the average annual debt-to-GDP level over the past 30 years). The CBO projects that the nation’s debt to GDP ratio […]
