Closing Thought–20Feb19

With another government shutdown looming on the horizon it was all the MSM could talk about for this week…..but some other disturbing news was reported quietly and with without fan fare…the National Debt has reached $22 Trillion….trillion with a “T”….

The national debt is the total of the annual budget deficits. The Congressional Budget Office projects that this year’s deficit will be $897 billion — a 15.1 percent increase over last year’s imbalance of $779 billion. In the coming years, the CBO forecasts that the deficit will keep rising, top $1 trillion annually beginning in 2022 and never drop below $1 trillion through 2029. Much of the increase will come from mounting costs to fund Social Security and Medicare as the vast generation of baby boomers continue to retire.

The national debt has passed a new milestone, topping $22 trillion for the first time.

The Treasury Department’s daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Donald Trump took office on Jan. 20, 2017.

The debt figure has been accelerating since the passage of Trump’s $1.5 trillion tax cut in December 2017 and action by Congress last year to increase spending on domestic and military programs.

Despite the rising levels of federal debt, many economists say they think the risks remain slight and point to current interest rates, which remain unusually low by historical standards. Still, some budget experts warn that ever-rising federal debt poses substantial risks for the government because it could make it harder to respond to a financial crisis through tax cuts or spending increases.

(AP)

Scary number, right?

Not to worry….now that the Dems control the House the GOP will once again focus on the National Debt…..not so important when they are in control but let them lose that control and they go batcrap crazy over the DEBT!

Advertisements

8 thoughts on “Closing Thought–20Feb19

  1. I think the situation is the same everywhere. National debts have gone long past the possibility of ever being repaid. I suppose it is governments’ way of making sure their rich friends stay rich, whoever they are. 🙂
    Best wishes, Pete.

  2. The national debt is an ever-present bugaboo that will never go away and will always be exploited for political purposes.

  3. It really started up in 1980 when RR was in office. Clinton slowed the increase but shot up under W and Obama.

    We want more than we are willing to pay for.

    Not an immediate problem but could be a real problem in a few decades. See Argentina, Venezuela Greece and a few more.

    1. Those you mention were man made crises…..Tax cuts do more to harm the nation than not…..reduce income and expand spending on wars and we have a bad debt problem…..chuq

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.