Our debt-ridden economy is not strong and healthy - Detroit News "Treasury Secretary Janet Yellen and Michigan Gov. Gretchen Whitmer had a friendly chat last week at the Detroit Economic Club, during which they
marveled at the health of the U.S. economy...- The “healthy” economy was propped up by $1.7 trillion in deficit spending in 2023, an amount equal to 28% of total revenues.
- None of us would consider our household finances healthy if we were putting a quarter of our spending on credit cards we never pay down.
- Earlier this month, the federal debt hit $34 trillion. That's a five-fold increase over the past 20 years. The Treasury reached that mark five years ahead of projections.
- In his three years as spender in chief, Biden has added roughly $6 trillion to the national debt.
- Donald Trump, his predecessor and current rival in the presidential campaign, added $8 trillion over four years. So don't expect fiscal discipline to be touted on the campaign trail this year.
- It should be front and center. Per-capita debt the amount each American owes on behalf of the country - is now about $100,000, up from roughly $61,000 at the start of Trump's first term.
- And there's no end in sight. The annual deficit is projected to hit $2.6 trillion by 2034...
No comments:
Post a Comment