The US is in uncharted debt territory. That should worry us. President Biden on Wednesday pitched a new plan to Americans before a joint session of Congress: more spending. The just-released $1.8 trillion plan, presented just weeks after Biden signed a $1.9 trillion in COVID relief spending into law, includes “free” community college as well as […]
Some economic theories support an increase in debt levels to stimulate an economy, but more debt is not without risk. The U.S. national debt has been rising at a seemingly unsustainable rate throughout the COVID-19 pandemic and the subsequent economic downturn. As of February, the U.S. debt reached over $27.8 trillion, which is 105% of […]
Do you know our national debt stands at $28 trillion today? It will grow by another whopping $1.9 trillion later this year after the COVID-19 relief bill is taken into account. It will grow by another $2 trillion to $3 trillion — to an almost unfathomable $33 trillion— once Congress passes the infrastructure bill currently […]
The U.S. national debt is rising at a pace never seen in the history of America. With a current debt exceeding $28 trillion – an increase of nearly $5 trillion in 14 short months, Washington is now debating an infrastructure bill with a price tag close to $2 trillion. Even without this additional spending, the […]
Fmr. Sen. George Nodland, R-Dickinson, shares his take on nation debt increasing at an alarming rate The national debt has been in the news recently since both the Trump administration and the Biden administration have passed and are administrating Coronavirus relief bills spending over $3.9 trillion. This addition to the existing debt, when spent, […]
A Bank of America note says US government debt “is not that high” when measured correctly. If you value the US economy like a company, using a discounted cash flow analysis, the debt to GDP ratio is just 0.7%, the lowest since 2004. The bank cited research by former White House officials Larry Summers and Jason […]
The non-binding vote is a sharp pivot from their hands-off approach during the Trump administration Senate Republicans on Wednesday signaled they might oppose any future increase to the debt ceiling unless Congress also couples it with comparable federal spending cuts, raising the specter of a political showdown between GOP leaders and the White House this […]
The U.S. national debt is closer to $123 trillion, more than four times what the Treasury Department is reporting, Chicago-based Truth in Accounting calculates in its new annual analysis of the nation’s finances. The federal government has $5.95 trillion in assets and $129.06 trillion worth of bills resulting in a $123.11 trillion shortfall, or a […]
Now that a Democrat is in the White House, Republicans seem a lot more concerned about the national debt. Speaking to reporters in his home state of Kentucky, Senate Minority Leader Mitch McConnell suggested the debt was already high enough. “We’ve reached a critical point here,” he said. He noted that the debt, which hit […]
Last year was one of the worst years in modern American (and global) history. The COVID-19 pandemic has now killed over 500,000 Americans and has severely damaged the nation’s economy. Millions are still out of work, many cannot afford mortgage and rent payments, and tens of thousands of local businesses have permanently shut down. Congress […]
