JTN: Budget groups continue to release dire forecasts for the explosive growth of the U.S. national debt.
The U.S. Treasury reported a $1.4 trillion deficit so far nine months into fiscal year 2023.
“Three-quarters into the fiscal year and we’re borrowing an astounding $5.1 billion per day,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “If that isn’t a sign that we need a wake-up call, maybe it should be the fact that the deficit for this fiscal year is now larger than all of last year’s deficit – and there’s still three months to go.
The U.S. Congressional Budget Office released a report earlier this year projecting the national debt will be nearly twice as large as the U.S. economy in 30 years. MORE
The United States Federal Government is, by far, the largest employer in the world.
This is almost funny. Almost. It’s a list of fed agencies.
https://en.wikipedia.org/wiki/List_of_federal_agencies_in_the_United_States
I wonder if there are any of those agencies that we could do without?
Sounds like a sure way to destroy American solvency and put the country in harms way.
“I wonder if there are any of those agencies that we could do without?”
I wonder if there’s ever been one shut down.
Too many Keynesians and not enough Hayekians.
Promising largesse in order to buy votes is getting prohibitively more expensive.
And our current generation, taught by socialist professors, believes that raising taxes on the wealthy, wealth BTW they have no right to, will refill the coffers and everything will be right with the world again.
Cloward & Piven are smiling…
It’s not really “borrowing” it’s counterfeiting money in federally authorized printing presses.
Only 5.1 Billion per day? No, it’s worse than that.
US debt has increased $1.08 TRILLION since the debt ceiling was suspended last month, from June 2nd to July 13th.
From $31,467,099,921,028 to $32,542,322,793,399 in 42 days.
That’s $25.71 Billion per day.
has there ever been a federal agency that’s been shut down
On 1 May 1980, during the presidential term of Jimmy Carter, the Federal Trade Commission (FTC) was shut down for one day after Congress failed to pass an appropriations bill for the agency, due to differing opinions towards its oversight of the US economy.
Is that it?
Almost 3 million civilian employees and growing daily and almost all vote to keep their job.
The Board of Tea Appeals was shut down in 1996.
Combine this out of control bull shit with “Base Line Budgeting”. If you don’t spend every dime we give you we will not increase your budget for next year. In August and September you can find Federal Agencies selling brand new, in the box, computers for a song. Boy are we stupid.
Ronald Reagan once said that a government bureau is the closest thing to eternal life that we will ever see on this earth.
He wasn’t wrong.
The US government is a crack addict. Prove me wrong.
The number one goal for bureaucracies is to create more bureaucracy. It’s the closest we’ll ever come to a perpetual motion machine.
But they promised that it would be transitory.
The BRICS have decided to cut us loose.