Posted on January 3, 2024 | Leave a comment
That’s almost $10 billion a day in new debt. From Wolf Richter at wolfstreet.com:
Interest payments threatening to eat up half the tax receipts may be the only disciplinary force left to deal with Congress.
The total US national debt spiked by $1.0 trillion in 15 weeks since September 15, to $34.0 trillion, according to the Treasury Department’s figures this afternoon. In the seven months since the debt ceiling was lifted, the national debt spiked by $2.5 trillion.
These are huge gigantic numbers that are piling up as a result of the incredible hard-to-fathom daredevil reckless shake-your-head deficit spending by Congress. Congratulations, America! We made it, $34 trillion!
Since the beginning of 2016, the total debt has spiked by $15 trillion, or by 80%! This stuff is just breathtaking.
The total debt of $34 trillion is composed of two types of securities: $26.9 trillion in marketable securities that are traded in the Treasury market and held by investors around the world; and $7.1 trillion of nonmarketable securities that are held by US government pension funds, the Social Security Trust Fund (my discussion of the Trust Fund, income, outgo, and deficit in fiscal 2023), and individual investors with “I bonds” and “EE savings bonds.”
Der Friedensstifter 