Perhaps the catchiest observation we made on the trajectory of US debt was last September when we first noted that it is rising by $1 trillion every three months, or every 100 or so days.... ... a soundbite which has since been picked up and stolen by pretty much everyone else in the media, if with the usual 6+ month lag behind us.
Not only has it gotten boring to be ahead of the curve by almost half a year, but pretty much every possible warning that could be said about the exponential increase in the US debt has been - well - said.
Every now and then we are surprised by the latest developments surrounding the unsustainable, exponential trajectory of US debt.
The striking words from the head of the CBO, best known perhaps for publishing doomer debt/GDP projection charts such as this one warned of the dangers of the U.S. facing "What the U.K. faced with former prime minister Truss - where policymakers tried to take an action, and then there's a market reaction to that action", comes as US government debt continues to break records, fueling concerns about the burden that places on the economy and taking a toll on America's credit rating.
Needless to say, by bringing up the catastrophic rule of Truss, who for at least a few days tried to impose a regime of fiscal and monetary austerity which immediately blew up the UK bond market and led to an instant market crisis, Swagel is admitting that there is nothing that can be done to reverse the growth of US debt and to make what is already an exponential chart less exponential.
According to the CBO, US government debt is set to keep rising.
And other liberals who are only good at spending other people's money and selling debt until the reserve currency finally breaks, quickly sprung to defense of the debt black hole that the US economy has become.
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