The U.S. national debt is projected to reach alarming levels, with significant implications for the economy and government spending. The Congressional Budget Office (CBO) has increased its 2024 deficit forecast by $400 billion, largely due to President Joe Biden's student loan forgiveness program, bringing the total deficit to $1.9 trillion. This has raised concerns among economists about the potential for a prolonged recession and market instability. The national debt, which now matches the U.S. GDP, is expected to hit $50 trillion by 2034 if current trends continue. Jamie Dimon has labeled U.S. public debt as the 'most predictable crisis' the economy faces, noting that $2.1 trillion has been added to the debt in just three months. For the first time, the U.S. interest expense on debt has surpassed defense spending, highlighting the severe financial strain. Analysts warn that excessive borrowing could lead to significant market strains and potentially undermine America's global standing. The Committee for a Responsible Federal Budget noted that federal spending for fiscal year 2024 will be the largest ever outside of a crisis, far exceeding pre-pandemic levels. Additionally, Biden's deficit-slasher messaging is undercut by the ballooning national debt.
THE US DEBT IS NEAR $1,000,000 PER AMERICAN: WHERE THE MONEY WENT AND WHY IT MATTERS TO YOU (MSN) America has a problem: We, as a country, are in a massive money hole. It’s one of many issues the nation is currently facing and attempting to figure out a solution forward. While… https://t.co/1C8qBNdIxE
$35 trillion in debt US govt over $2 trillion per year in deficits Giving away hundreds of billions of $$$ every year to foreign govts in foreign aid and military aid. How does this end? https://t.co/YiYBPHNv7r
IMF warns the US: Get the gargantuan debt under control #Paywall https://t.co/B0NF9otK8y
Will Debt Sink the American Empire? - "Washington has been adding to the national debt at an alarming pace... This year, it will be some $1.9 trillion in the red" - "The debt will reduce income growth by 12% over the next three decades" https://t.co/9TlSx195y2
THIS TIME WON'T BE DIFFERENT A debt crisis is inevitable if current trends continue. The Congressional Budget Office (CBO) projects US federal debt will reach $50.7 trillion by 2034, equaling 122% of GDP. https://t.co/O76G1lQtTC #economy #EconomyNews #EconomyMonetary… https://t.co/maIisRVpXr
US DEBT CRISIS: AMERICAN SUPREMACY ON BRINK AS HISTORIAN RINGS ALARM (MSN) American supremacy is on the line as a historian has issued a dire warning about the impact debt could have on the country. Professor Niall Ferguson has warned the US's global status would suffer… https://t.co/K3WgxUbC0E
The report from the Congressional Budget Office released earlier this week painted a bleak picture as this year’s deficit is projected to hit $1.9 trillion, $400 billion more than initially predicted. | By @gitanjalipoonia https://t.co/D6akSPJqSg
mountain of debt, predicts the Daily Mail Historians and analysts warn: America will lose its superpower status for the same reason as its predecessors. It will be buried under a mountain of debt that politicians conveniently ignore, writes the Daily Mail. “Any great power that… https://t.co/5H4DT8OZNV
"Any great power that spends more on debt service than on defense will not stay great for very long. This law is about to be put to the test by the U.S. beginning this very year." -@nfergus https://t.co/ZFg3QZbj01
Column | This week in Bidenomics: Pile on the debt https://t.co/i74JGAT3RM by @rickjnewman
Chart from economist Niall Ferguson. Interest on U.S. National Debt is now greater than defense spending. The fiscal collapse of the United States is not far away. https://t.co/SVTX1OV6kl
US borrowing binge risks market strains, analysts warn via @FT https://t.co/W4JESaPqdo
.@GeraldFSeib Will Debt Sink the American Empire? @WSJopinion https://t.co/ALrRczOvs0
🇺🇸 Warning Over US Borrowing Binge ▫Short term finance fears ▫Deals for Israel and Ukraine bite ▫Treasury bills stock nears $6tn ▫@kateduguid #frontpagestoday #USA @FT 🇺🇸 https://t.co/XjM4nkOh9k
The Wall Street Journal worries about #debt. This is nothing new, as the 1972 TIME cover confirms. Instead of waiting for the bubble to burst, adjusting your portfolio now and moving away from #bonds is much more rewarding. Blog: https://t.co/X0HGmxbfi0 (ht @wmiddelkoop) https://t.co/yrSgASpoS0
Even the Wall Street Journal can’t ignore it any longer: Will Debt Sink the American Empire? https://t.co/MeoXrzAme2
“Any great power that spends more on debt service than on defense will not stay great for very long. True of Habsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire, this law is about to be put to the test by the U.S. beginning this…
MyPOV: nothing is free forever. Will Debt Sink the American Empire? https://t.co/k6NfFI8EWe
"Only a dozen years ago, the aggregate 🇺🇸 government debt amounted to about 70% of the nation’s GDP. This year, it will be about equal to the entire GDP" https://t.co/UOZSDwqF0G
The U.S. is swimming in ever-deeper debt, with little seeming concern by the government or public. But history shows that excessive red ink eventually fells nations and empires. https://t.co/GosFSJ8eWB via @WSJ
WILL DEBT SINK THE AMERICAN EMPIRE? (WSJ) America is cruising into an uncharted sea of federal debt, with a public seemingly untroubled by the stark numbers and a government seemingly incapable of turning them https://t.co/5I80ZcPJpz the presidential race, there’s not much… https://t.co/eBi9RDLujy
The latest CBO projections show federal spending for fiscal year 2024 will be "the largest it’s ever been outside a crisis – far exceeding pre-pandemic levels," according to an analysis from the Committee for a Responsible Federal Budget. Read more ⬇️ https://t.co/B61JL6nOGU
For the first time in history, the U.S. interest expense on the debt is larger than the defense spending. Said another way, the most costly line item to the U.S. government is borrowing money. h/t @DylanLeClair_
For the first time in history, the U.S. interest expense on the debt is larger than the defense spending. Said another way, the most costly line item to the U.S. government is borrowing money. h/t@DylanLeClair_
The U.S. is swimming in ever-deeper debt, with little seeming concern by the government or public. But history shows that excessive red ink eventually fells nations and empires, writes @geraldfseib. https://t.co/zL3o22Jn5y https://t.co/zL3o22Jn5y
"Will Debt Sink the American Empire?" by @GeraldFSeib via @WSJ https://t.co/wgUI6igs7c
The U.S. defense budget, nearing $1 trillion, faces scrutiny as national debt repayments surpass it. https://t.co/3RwOndPiGt
From @GeorgeWill: How a long, debt-loving bipartisan consensus has warped U.S. business https://t.co/BtgSXCpYtx
FT International: Warning over US borrowing binge #TomorrowsPapersToday https://t.co/ChPqNNYtgf
Happens just as CBO dramatically increases 2024 deficit forecast--in significant part because of Biden's student loan giveaway. https://t.co/PTAOyL2XBx https://t.co/VzvxcqXpeO
DEBT WILL HIT A SHOCKING $50 TRILLION BY 2034, AS DC CONTINUES TO SPEND, SPEND, SPEND (New York Post) While Congress and the presidential campaigns continue with business as usual — pledging more government giveaways and deep tax cuts — the government’s own accountants have once… https://t.co/iAH9G4pCoz
Jamie Dimon believes U.S. public debt is the "most predictable crisis" the economy faces—and yet in just three months America has added $2.1 trillion to its tab. https://t.co/VCy99cabeY
Government debt is bigger than the ENTIRE US economy In 2012, debt surpassed GDP for the first time. Ever. There’s been no looking back ever since… https://t.co/7ZHQII8v4Q
US borrowing binge risks market strains, analysts warn https://t.co/PmXaaiDpuP
Biden deficit-slasher messaging undercut by ballooning national debt https://t.co/BC0A8P7cjq
Will Debt Sink the American Empire? After growing for decades, this year the U.S. debt will roughly match its GDP. Throughout history, nations that blithely piled up their obligations have eventually met unhappy ends. @WSJ https://t.co/jiBvJcQrj6
Jamie Dimon believes U.S. public debt is the ‘most predictable crisis’ the economy faces—and yet in just 3 months America has added $2.1 trillion to its tab https://t.co/dHgazMPviP
The U.S. is swimming in ever-deeper debt, with little seeming concern by the government or public. But history shows that excessive red ink eventually fells nations and empires. https://t.co/Jbh6WcPFjq
Surging government red ink spurs economists' worries over a prolonged recession and market trouble https://t.co/S9FFygYHWz
Biden's Student Debt Cancellation a Main Cause of $400B Increase in '24 Deficit READ: https://t.co/yPK2NJqyE8 https://t.co/i7iwPOObLM
$400 billion. That's how much Joe Biden's student loan bailout will cost taxpayers. It's clear Biden is trying to buy votes to save his failing reelection campaign. https://t.co/FNquJrK457 https://t.co/AcKE4YLWag