{"id":43758,"date":"2019-02-12T17:21:00","date_gmt":"2019-02-12T22:21:00","guid":{"rendered":"https:\/\/olduvai.ca\/?p=43758"},"modified":"2019-02-12T17:21:02","modified_gmt":"2019-02-12T22:21:02","slug":"us-national-debt-tops-22-trillion","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=43758","title":{"rendered":"US National Debt Tops $22 Trillion"},"content":{"rendered":"\n

US National Debt Tops $22 Trillion<\/a><\/h3>\n\n\n\n

For 8 years, we took every opportunity to point out that under Barack Obama’s administration, US debt was rising at a alarmingly rapid rate, having nearly doubled, surging by $9.3 trillion  <\/a>during his term.<\/p>\n\n\n\n

And while the absolute pace is slower, the trajectory of US debt under the Trump administration looks set to be no different.<\/p>\n\n\n\n

We note this because as of close of Monday, the US Treasury reported <\/a>that total US debt has risen above $22 trillion for the first time; or $22,012,840,891,685.32<\/strong> to be precise (11 months after topping $21 trillion).<\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

\u201cReaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,\u201d <\/strong><\/em>said Michael A. Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan organization working to address the country\u2019s long-term fiscal challenges.<\/p><\/blockquote>\n\n\n\n

Putting this in context, total US debt has now risen by over $2 trillion since Trump took office… but notably slower than Obama’s pace of borrowing…<\/strong><\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

We doubt today’s milestone will be celebrated on Trump’s twitter account.<\/p>\n\n\n\n

And while some can argue – especially adherents of the socialist Magic Money Tree, or MMT, theory – that there is no reason why the exponential debt increase can’t continue indefinitely… the CBO’s long-term forecast of debt issuance is, basically, apocalyptic <\/strong>as the following chart confirms…<\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

But it gets worse, as Double Line’s Jeff Gundlach recently noted…<\/p>\n\n\n\n

\"\"\/<\/a>

<\/figcaption><\/figure>\n\n\n\n

<\/strong>\u2714<\/strong><\/a><\/a><\/p>\n\n\n\n

Currently $122 Trillion US unfunded liabilities per Debtclock. That\u2019s 564% of Fiscal \u201818 GDP. To fund would require 10% of GDP for 56+ yrs.<\/p>\n\n\n\n

And worse still – The Fed ain’t buying like it was during Obama’s reign…<\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

US National Debt Tops $22 Trillion For 8 years, we took every opportunity to point out that under Barack Obama’s administration, US debt was rising at a alarmingly rapid rate, having nearly doubled, surging by $9.3 trillion  during his term. And while the absolute pace is slower, the trajectory of US debt under the Trump administration looks […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195],"class_list":["post-43758","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43758"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43758\/revisions"}],"predecessor-version":[{"id":43759,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43758\/revisions\/43759"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}