In case you missed it, the U.S. government’s total public debt outstanding surpassed $35 trillion on July 26, 2024. This amounts to over $102,350 for every person in the country, based on the population of 341,963,408 in 2024. On average, this would be more than $255,875 per household, assuming each household has 2.5 members. These figures may seem daunting, especially when top executives from financial […]
The national debt surpassed a mind-boggling $35 trillion last week — approximately $100,000 for every man, woman, and child living in the United States. This means a family of four’s share of public debt, ~$400,000, is likely more than they owe on the mortgage of their house. Runaway government spending is no surprise. What is […]
The U.S. is headed for “the most predictable economic crisis in history,” as Bill Clinton’s former White House chief of staff once put it. Why? Because of the mountain of federal debt that we keep making bigger and bigger. For the first time since the wartime economy of the late 1940s, U.S. debt is roughly equal […]
Republicans are marching towards a high-stakes November election. Alas, they seem to have left some important conservative principles behind. The 2024 GOP Platform is notable for what it omits: its lack of commitment to fiscal responsibility is a major oversight. Admittedly, Republican rhetoric has long exceeded Republican policy when it comes to spending restraint. The rhetorical change […]
If the 2024 presidential election ever gets around to serious issues, you’re likely to hear a lot of happy talk from Kamala Harris and Donald Trump. The Democratic and Republican presidential nominees have a lot of plans for tax cuts and government giveaways, customized to please each candidate’s desired constituencies. Both candidates, however, are whistling […]
America’s national debt hit a record $35 trillion last month. With no end in sight to deficit spending, economists warn that a fiscal crisis could be approaching. So why aren’t Vice President Kamala Harris or former president Donald Trump talking about it? This year’s projected $1.9 trillion deficit is the largest on record outside of […]
At the end of 2023, the nation’s gross debt had reached nearly $34 trillion. Of that amount, about $27 trillion, or 79 percent, was debt held by the public — representing cash borrowed from domestic and foreign investors. The remaining $7.0 trillion (21 percent), was intragovernmental debt, which simply records transactions between one part of the […]
Donald Trump, the former U.S. president who’s running in this year’s White House race on the Republican ticket, has surprised many with his embrace of bitcoin and crypto this year. Trump’s support of bitcoin—a complete flip from 2019 when he railed against crypto—comes after he made millions from a series of crypto-based digital trading card collections […]
When President Joe Biden delivered his 2023 State of the Union address, Washington was drowning in a sea of red ink. The annual budget deficit was in the process of doubling from $1 trillion to $2 trillion in a single year due to some student-debt cancellation shenanigans. That year’s budget deficit would become the largest […]
At a Bitcoin conference last weekend, Senator Cynthia Lummis (R-Wyo.) announced forthcoming legislation that would direct the Treasury to buy 1 million Bitcoin, or roughly 5% of the global stock, over five years (which would cost between $60 billion and $70 billion at today’s prices). Lummis claimed that the federal government would be “debt-free because of Bitcoin” […]
