The progressives demanding new debt-financed programs to take advantage of low interest rates did not acknowledge that Washington is already on course to borrow $114 trillion over 30 years just to finance current programs.
Brian Riedl
September 20, 2022
Expected Interest Rate Hike Will Add $2 Trillion to the Deficit
[Prepare appropriately.—Joe]
To put into perspective:
A trivial, straightline division of that debt per year comes to just under $6T per year.
2022 US gross domestic product is $6.2T. GDP, as a measure of economy, includes government spending including debt financed spending. In the US, 46% of GDP is government spending. That’s the fraction either funded by taxes taken from the productive section thus effectively counted twice, or just new debt.
So the real US product is more like $3.5T. And our “government” intends to borrow, every year, double what the country actually makes in natural economic activity… for current programs.
we are “broke as a joke” as the old saying goes. period. end of discussion