Friday, December 21, 2018

A Deficit-Happy Government May Lead to a Debt-Driven Financial Crisis

Then there are the milestones you dread: Reaching $22 trillion in national debt is one of them.

The $22 trillion figure we'll soon hit is the total of $16 trillion in public debt and $5.8 trillion in intra-governmental debt.

At the end of George W. Bush's presidency, in January 2009, U.S. debt was $10.6 trillion.

Let me say that again: In the last 10 years, the federal government has accumulated more debt than in its entire existence leading up to that period.

That's on top of the additional $12.4 trillion that the federal government is already projected to spend over that same period.

Even these impossibly high new levels of taxation wouldn't pay a single cent of our current projected debt accumulation.

Thanks to the baby boomers retiring and weighing more heavily on the system over the next 20 years, spending will explode, and so will the debt.

http://reason.com/archives/2018/12/20/a-deficit-happy-government-may-lead-to-a

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