Member-only story
National Debt Quietly Surpasses $32 Trillion.
The National Debt Quietly Surpassed $32 Trillion Last Week.
The national debt hit a record high of $32.04 trillion on June 15.
If you add Medicare and Social Security’s unfunded liabilities, the total debt is over $100 trillion.
With the debt ceiling temporarily lifted, the US Treasury has added $572 billion to the national debt.
The outcome was predictable. I warned weeks ago that once the phony argument over the debt ceiling was over, the real problem would begin.
It only took nine months to add a trillion dollars to the national debt, despite the government needing help to borrow money since January.
The sum of $32 trillion is incomprehensible. To put this in context, if every person in the United States contributed $95,631, we would have enough money to settle the debt. Each taxpayer in the United States is responsible for $249,403.
Or, to put it another way, China, Japan, Germany, and the United Kingdom’s combined economies do not even come close to $32 trillion. Crazy considering the population.
It would be understandable if you chalked this up to a minor hiccup and credited the “Fiscal Responsibility Act” with fixing the issue.
