As National Debt Accelerates to $38 trillion, CEO of Nonpartisan Watchdog Warns it’s ‘No Way for a Great Nation Like America to Run its Finances’

As per the original article:

The U.S. national debt has surged past $38 trillion, according to the U.S. Treasury Department, just two months after surpassing previous forecasts to reach $37 trillion in August. This means the federal debt rose by $1 trillion in a little over two months, which the Peter G. Peterson Foundation calculates is the fastest rate of growth outside the pandemic.

Michael A. Peterson, CEO of the nonpartisan watchdog dedicated to fiscal sustainability, said this landmark is “the latest troubling sign that lawmakers are not meeting their basic fiscal duties.” In a statement provided to Fortune, Peterson said that “if it seems like we are adding debt faster than ever, that’s because we are. We passed $37 trillion just two months ago, and the pace we’re on is twice as fast as the rate of growth since 2000.” The foundation’s analysis attributes the acceleration to a combination of deficit spending, rising interest costs, and the economic drag of the ongoing government shutdown.

Peterson emphasized that the costs of carrying this debt are mounting rapidly. Interest payments on the national debt now total roughly $1 trillion per year, the fastest-growing category in the federal budget. Over the last decade, the government spent $4 trillion on interest, and Peterson calculated that it will balloon to $14 trillion over the next 10 years. He said that money “crowds out important public and private investments in our future.”

Paying off just the interest on this debt threatens to ripple through the economy. A recent Yale Budget Lab report highlighted how ballooning federal debt exerts upward pressure on both inflation and interest rates, potentially constraining growth and lifting borrowing costs for households and businesses alike. Meanwhile, an analysis conducted by EY this year found that the national debt’s rising trajectory could lead to sustained job and income losses over time.

America is no longer a great nation. It’s a shithole.

You’re telling me a moron who’s managed to bankrupt multiple casinos is bad with finances? gtfo

Are we super pumped about that gold lined ballroom going up in the White House?

RIP USA. 249 years was a good run.

Trump is a con man and a grifter. Maga, you destroyed our country, because you don’t like brown people. You got played, and you dragged us to hell with you. We won’t forget, when you say, ‘I voted for him because of economy’. Twice.

The President is a CEO known for bankrupting his companies while enriching himself.

It won’t be a problem until a Democrat is back in office. Then it will be the end of the fucking world.

Republicans are in charge. What did you expect?

Someone tell the conservative sub. I want to hear what the spin is.

But but prosperity gospel!…

Trump does this to all his “businesses.” He’s a corporate pirate. He steals as much money as he can from them, then declares them bankrupt and either shuts them down or sells them off. That’s why he bankrupted the casinos. He bled them dry and when the recession hit, they had no cushion. He’s doing the exact same thing to the US government.

I’m sorry… did you miss the whole “congress handing the purse strings to a guy who literally BANKRUPTED A CASINO?”

Who is so bad at business that they can bankrupt a business that has assured odds of winning more than it loses?

Oh… that’s right.

That’s because America isn’t great anymore.

Formerly great.

“Were the monies that are wasted in wars employed in works of public benefit, the poor rates would be unnecessary.”

Thomas Paine
— The Rights of Man, Part II (1792)