It is now official: for the first time in history, United States national debt tops $20 trillion, after jumping $317,645,000 in just one day. The unfortunate record was established last week, on Friday, following President Donald Trump’s signing of a bill aimed at funding the Federal Government through December 8th. The spending and debt limit bill signed by the POTUS basically suspended the debt limit, making the total US national debt to jump from $19,844,587,000,000 (the figure from Thursday, September 7th at the close of business) to $20,126,392,000,000 in just 24 hours.
Here’s the historic screenshot courtesy of Friday’s Daily Treasury Statement:
The outstanding US national debt as of September 8th is up almost $200,000,000,000 since December 30th 2016 and as the 2017 fiscal year budget will end on September 30th, another 700 billion in deficit are expected to be added to the public debt, meaning that the problem is not likely to get better any time soon.
It’s also interesting to notice that America’s gross domestic product (GDP) is estimated at $19,23 trillion as per 2017’s second quarter, meaning that the national debt is now exceeding the GDP. Just servicing the debt is costing taxpayers almost half a trillion dollars annually ($474,5 billion) in interest, even if the US government is currently paying historically low interest rates courtesy of the Federal Reserve, which kept interest rates low in the aftermath of 2008’s financial crisis.
A deficit of $700 billion for 2017, as horrible as it may sound is actually not as bad as the annual deficits run up by Obama (a trillion/year). Deficit is how much more is spent than brought in, the debt cannot go up without deficits, and under Obama the debt rose by $7.9 Trillion which means he spent almost $1 Trillion more per year than he brought in.
Trump has been in office for just 9 months and his presidency has been plagued by made-up “scandals” drummed up by the 2 party Establishment that he threatens, and has not yet had his full team confirmed by the Senate. Let that sink in: The President of the US cannot get his people approved to run the country 9 months into his administration.
The Nation is broken. I don’t know if Trump is the man to fix it, but he was elected by the country and should be given a fair chance.