FISCAL ABSURDITY: U.S. adds $104B in debt daily, totaling $655B since September 26.

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The U.S. has added $104 billion in debt in just one day, bringing the total to $655 billion in a little over five weeks since September 26. This alarming pace suggests an annualized rate of nearly $6.8 trillion if the trend continues, showcasing an accelerating fiscal dominance that borders on absurdity. As of October 2024, the national debt has surpassed $35 trillion.

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The current debt-to-GDP ratio is approximately 120%, indicating the national debt exceeds the country’s annual economic output. Interest on the national debt has exceeded $1 trillion for the first time in 2024, further straining fiscal resources.

Inflation remains a persistent concern, with core CPI inflation rates consistently at 3% or higher for over 41 consecutive months, signaling ongoing economic pressures.

Social Security is among the largest mandatory transfer payments, with benefits projected to face a 25% reduction starting in 2034 unless reforms are implemented. Medicare and Medicaid also represent significant portions of mandatory spending, contributing to the overall budget deficit.

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Various proposals for reforming entitlement programs include adjustments to eligibility ages, means-testing, and changes to benefit formulas. These reforms are designed to curtail the long-term growth of mandatory spending and address the sustainability of these critical programs.

Sources

  1. Benzinga
  2. MSN
  3. ConsumerAffairs
  4. CNBC
  5. The Balance
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