Believe it or not, Americans now collectively owe a mind-blowing $30 trillion.
The national debt of the United States literally hurtled past the stupefying milestone, which wasn’t supposed to be reached for three more years.
Biden’s Communist COVID Spending Made It Worse
Biden has been funding his COVID-19 pandemic response with huge sums of borrowed money. Since spring 2020 when coronavirus hit America, a total of $5 trillion has been added to the debt, most of that being under Biden.
This includes his nearly $2 trillion COVID-19 relief package, the “American Families Plan”, and this president’s new infrastructure law.
The good people of the United States can only imagine how much we’d owe if Biden had passed his $3.5 trillion Build Back Better Act.
Meanwhile, data that became available recently showed in 2021, the United States registered a record trade deficit in goods with the rest of the world, which surpassed a whopping $1 trillion for the year.
Needless to say, communist China is the top beneficiary of that. The communist regime has been growing rich at America’s expense for decades now. They’ve also just dared to threaten us with war and accused us of bribing 2022 Winter Olympics athletes.
The fact that the US just accrued $30 trillion in national debt and keeps borrowing further was revealed by new Treasury Department data published on Tuesday
$23.5 trillion of the $30 trillion is owed to creditors; the other $6.5 trillion is money the US government technically owes to itself. Another $8 trillion is owed to foreign investors, the biggest of which are China and Japan.
We’ve officially hit $30 trillion https://t.co/0947CRBP7s
— Brad Johnson (@bradj_TX) February 1, 2022
US Debt just hit $30 trillion, or as Joe Biden calls it: $0.
— Lauren Boebert (@laurenboebert) February 2, 2022
Very Dark Financial Future in the Making
The Peter G. Peterson Foundation, a nonpartisan nonprofit dealing with America’s fiscal policies, noted in 2021 alone, the nation’s debt to foreigners spiked by $1.5 trillion.
The organization’s CEO, Michael Peterson, told USA Today that “it does not make sense” for the United States to continue to just spend more money than it makes on a “permanent and growing basis”.
Peterson emphasized this is putting an enormous burden on “our future” and “the next generation”.
Maya MacGuineas, head of the Committee for a Responsible Budget, another nonpartisan NPO on fiscal responsibility, said the new debt milestone “should sound the alarm” with respect to lawmakers thinking the US can just borrow money with no consequences.
The report notes the growing debt mountain can affect economic security, as well as the health security of American citizens in a variety of ways.
Those include the shifting of government money from other programs in order to service the debt, or higher interest rates striking individuals’ pocketbooks.
The $30 trillion national debt means every single American owes $90,000; with the debt net interest costs averaging $1 billion per day, in 2022, that would amount to about $2,600 per household.
According to current projections, America’s debt net interest payments will total the unimaginable figure of over $60 trillion over the next 30 years, and consume almost half of all national revenues by 2051.
We hit 30 Trillion in debt today – this country is run by clowns.
— Rob Schmitt (@SchmittNYC) February 2, 2022
For the first time in history our National Debt has topped $30 TRILLION!
…but they want to keep spending..
— 🇺🇸ProudArmyBrat (@leslibless) February 2, 2022