On November 21st 2024 the US federal debt crossed the 36 trillion dollar threshold.
The debt crossed 35 trillion dollars on July 26th, 2024.
7/26/2024 $35,001,278,179,208.67
11/21/2024 $36,034,994,586,981.97
In 118 days the Federal Government added $1,033,716,407,773.30 (over one trillion dollars) to the national debt. Over this time period the national debt increased at a rate of $8,760,308,540.45 per day (almost $9 billion per day), $365,012,855.85 per hour, $6,083,547.60 per minute, or $101,392.46 per second.
You can watch the increase in debt occur in real time (fun for the whole family) at:
As you are well aware the larger the outstanding balance the larger the interest payment. Interest on the national debt is now larger than defense spending:
Look for these word of encouragement on Page 7 of the Executive Summary:
An Unsustainable Fiscal Path
The current fiscal path is unsustainable. To determine if current fiscal policy is sustainable, the projections based on the assumptions discussed in the Financial Report assume current policy will continue indefinitely.1The projections are therefore neither forecasts nor predictions. Nevertheless, the projections demonstrate that policy changes need to be enacted for the actual financial outcomes to differ from those projected.
On page 9 of the Executive Summary you will find this:
Conclusion
Projections in the Financial Report indicate that the government’s debt-to-GDP ratio is projected to rise over the 75-year projection period and beyond if current policy is kept in place. The projections in this Financial Report show that current policy is not sustainable.
The USA is not the first empire to find itself in this situation:
On January 20th, 2025 Donald Trump will earn his self chosen nickname:
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