LewRockwell Federal spending is so out of control that it only took three months for the federal debt to increase by one trillion dollars to over 33 trillion dollars. In contrast, it took almost 200 years for the federal debt to reach one trillion dollars. So the federal government racked up more debt in the last three months than it did from the ratification of the US Constitution until Ronald Reagan’s first term! There will be even more shocking increases in the future since, according to some experts, federal debt is increasing by approximately 14 billion dollars a day.
Those tempted to blame the increase on President Biden, the Democratic Congress, or the covid-related spending spree, should consider the debt increased by around a trillion dollars a year in 2017 and 2018 — years when Republicans controlled the White House and both houses of Congress.
One more statistic to keep in mind is that the government’s debt already exceeds America’s gross domestic product. In other words, the US national debt, according to the government’s own figures, is already worth more than the value of everything produced by American businesses.
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