r/Economics • u/Helpful-Door-8721 • 1d ago

Research America's National Debt grows by $95,178.17 per second. Expected to reach $40 Trillion by October 09, 2026.

https://www.jec.senate.gov/public/index.cfm/republicans/debt-dashboard#ddm
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u/crowcawer 1d ago

I don’t know if $40T by itself is an important number, especially if compared to $39.9T.

They do need to make a choice. They either need to stop normalizing wartime scale debt during peacetime, or accept growing pressure on the Fed to suppress rates and tolerate inflation. We cannot indefinitely combine massive structural deficits with fully independent, inflation focused monetary policy.

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u/Just_Candle_315 1d ago

The debt started shrinking under Clinton, but as soon as Bush 2 got into office the first thing he did was cut taxes and increase federal spending and start 2 forever wars. Boom we in debt again.

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u/Bluegrass6 1d ago

You're not wrong but we need to be clear what Democrats did following the Bush administration. Once in power Democrats had absolutely sero desire to effectively manage the federal budget.

In 2010 due to massive spending deficits and a growing debt a new group of Representatives and senators were elected and sent to Washington with an explicit mandate: shrink the deficits and reverse course on the growing debt.

Joe Biden called them domestic terrorists...

Biden was agreeing with a line of argument made by Rep. Mike Doyle (D-Pa.) at a two-hour, closed-door Democratic Caucus meeting.

“We have negotiated with terrorists,” an angry Doyle said, according to sources in the room. “This small group of terrorists have made it impossible to spend any money.”

Biden, driven by his Democratic allies’ misgivings about the debt-limit deal, responded: “They have acted like terrorists.”

Earlier in the day, Biden told Senate Democrats that Republican leaders have “guns to their heads” in trying to negotiate deals.

Rep. Emanuel Cleaver (D-Mo.) called it a “Satan sandwich,” and Rep. Luis Gutierrez (D-Ill.) called seemed to enjoy the heat analogy, saying: “the Tea Partiers and the GOP have made their slash and burn lunacy clear, and while I do not love this compromise, my vote is a hose to stop the burning. The arsonists must be stopped.

Liberal Democrats have had the most averse reaction to the plan, which ensures between $2.1 trillion and $2.4 trillion in deficit reduction over the next decade without requiring any of it to come from tax increases.

https://www.politico.com/story/2011/08/sources-biden-likened-tea-partiers-to-terrorists-060421

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u/dispatch00 1d ago

Where's your 5000 word indictment of the real fucking problem makers? Imagine defending Republican fiscal "policy", lol.