IN THIS ISSUE:
1. National Debt Soars Above $22 Trillion, A Record High
2. Debt Continues to Explode, But No One Seems to Care
3. At Some Point, National Debt Will Hurt Economic Growth
National Debt Soars Above $22 Trillion, A Record High
The national debt surpassed $22 trillion for the first time on Monday, February 11, a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American.
The Treasury Department reported last week that the debt hit $22.01 trillion, a jump of more than $30 billion in just one month. Yet we heard very little about it in the media. As a result, many Americans are not aware that the national debt is now above $22 trillion.
The national debt rose at the fastest pace in history during the Obama administration, from $10.63 trillionwhen he took office in January 2009 to $19.95 trillion when he left in January 2017 and continues to rise rapidly under President Trump. The US has added more than $1 trillion in debt in the last 11 months alone, the fastest pace ever.
Sadly, the Congressional Budget Office projects that annual budget deficits will top $1 trillion a year every year starting as early as 2020.
Even worse, lawmakers don’t seem to care. Regardless which party is in control, Congress increases federal spending every single year with seemingly no concern about the size of the budget deficit or the national debt. Likewise, the American people seem to be oblivious to the exploding national debt as well (more on this below).