For decades, Americans have been vaguely aware of the now $36 trillion millstone of federal debt around our collective necks. Historically, the abstraction of the national debt barely nudged the body politic to concern themselves with government spending.
The electorate largely ignored it. And so did too many of their representatives.
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The federal debt continues to climb to unprecedented levels, but the “actual, true” debt is higher if the Treasury weren’t being drained, a national economist says.
Citing Bureau of the Fiscal Service data, E. J. Antoni, Ph.D., an economist at the Heritage Foundation, argues that as the federal debt increases, the “true daily deficit” is being masked by the amount of cash being drained from the U.S. Treasury by Treasury Department Secretary Janet Yellen.
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“We can bear neither our diseases nor their remedies.”
So shrugged the ancient historian Livy (59 B.C.- A.D. 17) of the long decline of Roman national character that, in his age, finally ended the Roman Republic.
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A new economic analysis of the U.S. economy projects a recession around the corner.
An international nonprofit, The Conference Board, has released its Leading Economic Indicators report, which projects into the next year for the U.S. economy. That analysis, among other things, projects high inflation, high interest rates and declining consumer spending.
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The federal government’s debt increased by $2,238,422,431,416.43 in fiscal 2023, according to data published by the U.S. Treasury Department.
On Sept. 30, 2022, the last day of fiscal 2022, the federal debt was $30,928,911,613,306.73, according to Treasury Department data. By Sept. 29, 2023, the last business day of fiscal 2023, it had climbed to $33,167,334,044,723.16.
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The national debt hit another milestone this week, and experts are warning that continuing to increase federal spending will have dangerous consequences.
The federal national debt has now topped $30 trillion, marking a sharp rise since 2001, when it was about $5 trillion. The federal government surpassed $20 trillion in debt less than five years ago.
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