by Wolf Richter, Wolf Street:

We don’t even want to know what debt-to-GDP looks like in the next recession when it’ll get hit by a double-whammy.

The US national debt – the total amount of Treasury securities – rose to $35.00 trillion, according to the Treasury Department on Friday (rounded to the nearest billion: $34.998 trillion). Since the beginning of the year, in less than seven months, the debt has jumped by $1.0 trillion. In the three-and-a-half years since January 2020, the debt has ballooned by 50%.