{"id":67117,"date":"2024-03-29T19:11:34","date_gmt":"2024-03-30T00:11:34","guid":{"rendered":"https:\/\/olduvai.ca\/?p=67117"},"modified":"2024-03-29T19:11:34","modified_gmt":"2024-03-30T00:11:34","slug":"david-stockman-on-how-the-us-federal-debt-has-gone-parabolic","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=67117","title":{"rendered":"David Stockman on How the US Federal Debt Has Gone Parabolic\u2026"},"content":{"rendered":"
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David Stockman on How the US Federal Debt Has Gone Parabolic\u2026<\/a><\/h3>\n<\/header>\n
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The federal debt has been recently increasing by $1 trillion every 100 days. That\u2019s $10 billion per day, $416 million per hour.<\/p>\n

In fact, Uncle Sam\u2019s debt has risen by $470 billion in the first two months of this year to $34.5 trillion and is on pace to surpass $35 trillion in a little over a month, $37 trillion well before year\u2019s end, and $40 trillion some time in 2025. That\u2019s about two years ahead of the current CBO (Congressional Budget Office) forecast.<\/p>\n

On the current path, moreover, the public debt will reach $60 trillion by the end of the 10-year budget window. But even that depends upon the CBO\u2019s latest iteration of Rosy Scenario, which envisions no recession ever again, just 2% inflation as far as the eye can see and real interest rates of barely 1%. And that\u2019s to say nothing of the trillions in phony spending cuts and out-year tax increases that are built into the CBO baseline but which Congress will never actually allow to materialize.<\/p>\n

So when it comes to the projection that the 2034 debt will come in at just $60 trillion, we\u2019ll take the wonders any day of the week. The fact that it will likely be much higher also means that the Washington UniParty\u2019s prevailing fiscal policy path will lead to $100 trillion of public debt sometime in the early 2040s. And that means, in turn, that annual interest expense will then be greater than the entire federal budget during 2019.<\/p>\n

Needless to say, neither Trump nor Biden has said, \u201cBoo,\u201d about this looming calamity. Sleepy Joe has even had the audacity to brag that he has reduced the federal deficit by more than half.<\/p>\n

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

David Stockman on How the US Federal Debt Has Gone Parabolic\u2026 The federal debt has been recently increasing by $1 trillion every 100 days. That\u2019s $10 billion per day, $416 million per hour. In fact, Uncle Sam\u2019s debt has risen by $470 billion in the first two months of this year to $34.5 trillion and […]<\/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":[2120,195,380,6228,827,834],"class_list":["post-67117","post","type-post","status-publish","format-standard","hentry","category-economics","tag-david-stockman","tag-debt","tag-government-debt","tag-international-man","tag-united-states","tag-us"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67117","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=67117"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67117\/revisions"}],"predecessor-version":[{"id":67118,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67117\/revisions\/67118"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}