The US government’s balance sheet is ballooning, with more than a hundred billion dollars in debt added in just 15 days.
The latest numbers from the government’s FiscalData system show the national debt grew from $33.637 trillion at the start of November to $33.740 trillion on November 16th – an increase of more than $102.17 billion.
The new numbers come as a conservative Washington-based think tank issues a stark warning about America’s financial status. The Heritage Foundation’s EJ Antoni says the Biden administration is ignoring warnings from rating agencies and spending at a rate that would make “drunken sailors blush.”
“The world is waking up to a stark reality that could affect tens of millions of Americans: The federal government may be unable to pay its bills sooner rather than later.
The financial situation is deteriorating so rapidly that the outlook on US debt was downgraded a few days ago. That change was long overdue and highlights just how dangerous the situation is becoming for taxpayers and bondholders alike – including anyone with retirement funds.”
Antoni also highlights that the annual interest on federal debt is now above the $1 trillion mark and climbing fast.
He believes a point of no return is coming.
“Interest expense on the debt is now the third-largest expense of the federal government, behind only the Social Security Administration and the Department of Health and Human Services.
It will soon eclipse these as it continues snowballing out of control. It’s increasingly clear that the government will eventually be unable to repay its debt.”
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