The U.S. national debt is rising by $1 trillion about every 100 days [View all]

[WarGamer]

This topic isn't discussed enough.

Here's the deal. Some argue that debt is irrelevant and I disagree. Here's why.

The US Gov't SELLS it's debt... auctions bonds. Right now... the US is paying around 5% (ish) to borrow money.

Some people may say "That's ok WG, that interest is going to little old Ladies in Sheboygan"

Yeah, actually it's NOT. You see... the REALLY wealthy are looking for a safe place to PARK billions. So they buy Fed treasuries and collect the interest.

For every $100M invested, the US Gov't PAYS 5 Million DOLLARS a year. Oh let me rephrase that. School teachers, auto mechanics, nurses and McDonalds employees pay billionaires to PARK their cash in US Treasuries.

And guess what? Foreign countries ALSO buy US debt... to collect the Cheddar paid by the US taxpayer.

This nation... other than Bernie Sanders and Elizabeth Warren... has an aversion to REALLY fixing the "incoming" side of the US budget.

I'm really liking the "mint the trillion dollar coin" idea... and then starting from scratch, balancing budgets annually.

Our tax system... our wealth inequality issue is fatally broken. All this talk of incrasing marginal top rates from 37% to 39.6% or 40% are a joke... people like Musk, Bezos and Zuck are LAUGHING at the thought...

The truly RICH DO NOT HAVE REGULAR INCOME.

#WealthTaxNow


https://www.cnbc.com/2024/03/01/the-us-national-debt-is-rising-by-1-trillion-about-every-100-days.html

The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.

The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months.

U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday. Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion.