by Michael Snyder, The Economic Collapse Blog:
We all knew that this was coming. For ages, people like me have been ranting that we would be facing a financial nightmare if we didn’t get the national debt under control. Of course most of the population didn’t want to listen, and they just kept sending big spenders back to Washington. Now we are 40 trillion dollars in debt and we are spending well over a trillion dollars a year just in interest on that debt. Nobody can deny that we have reached a stage where our debt spiral is totally out of control. The federal budget deficit for the month of July was 432 billion dollars. Interest on the national debt for the month of July was 118 billion dollars. Now Treasury yields are spiking as investors become hesitant to buy more of our debt. Borrowing costs are rising to very alarming levels, and we are in far more trouble than most people realize.
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The size of the national debt officially crossed the 40 trillion dollar threshold on Tuesday…
The U.S. national debt has surpassed $40 trillion for the first time, marking a historic milestone in a borrowing buildup that has accumulated over generations, through wars, recessions, tax changes, and the expansion of major federal benefit programs under presidents of both parties.
The Treasury Department reported that total public debt outstanding reached about $40.047 trillion Tuesday, according to The Wall Street Journal and The New York Times.
This is money that we have stolen from future generations of Americans.
What we have done to our children and our grandchildren is beyond criminal.
People should be going to prison over this.
Thanks to years of absolutely reckless spending, the size of the national debt has more than doubled in less than 10 years…
The Treasury Department’s daily financial report shows that the nation’s debt reached $40.05 trillion on August 18, more than double its level in 2017. The federal debt has ballooned because government spending is outstripping revenue, forcing the U.S. to borrow more money to cover the shortfall.
Our politicians are literally destroying the future of this country.
In 1980, the size of our national debt was just reaching 1 trillion dollars.
When Barack Obama entered the White House, the size of the national debt was sitting at about 10 trillion dollars.
Now we are 40 trillion dollars in debt with no end in sight…
We just hit 30 trillion dollars about 4 years ago.
How long would it take us to hit 50 trillion dollars?
If Elon Musk donated his entire fortune to the government, it would barely even make a dent in the national debt…
The sheer scale of America’s $40 trillion debt is hard to fathom. The amount is significantly greater than U.S. annual GDP. That means even if all U.S. income went toward paying down the debt for a full year—rather than to things like salaries, corporate profits and investment—the federal government would still owe trillions, by this measure.
If Elon Musk helped pay down the debt by sacrificing the entirety of his nearly $1 trillion net worth—itself a mind-boggling sum—it would barely make a dent. The gross debt owed by the federal government is also nearly equal to what is owed by all U.S. households and businesses combined (excluding banks).
Even if you took every single penny from every single billionaire in this country, that would only get you about 8 trillion dollars.
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