Retarded? Apparently, many on the “woke right” have gone full-retard with their anti-MAGA rhetoric. For REAL news, opinions, and videos that aren’t retarded, check out the fastest growing conservative and Christian news aggregator!
In this The New American article, Selwyn Duke argues that America’s debt crisis has crossed into dangerous territory as public debt now exceeds the size of the U.S. economy.
- U.S. debt held by the public reportedly reached $31.27 trillion as of March 31, while nominal GDP was estimated at $31.22 trillion for the preceding 12 months.
- The article notes that debt held by the public has reached 100% of GDP for only the second time since the World War II era, with the first recent spike occurring during the Covid period.
- Duke cites projections from the Congressional Budget Office warning that public debt could hit 108% of GDP by 2030 and 120% within a decade.
- The piece frames rising debt as a threat to prosperity, interest rates, inflation, national security, and the federal budget because of escalating interest costs.
- Duke also points to unfunded liabilities, including long-term obligations tied to programs such as Social Security, which he says now total $88.4 trillion.
- The article expands the warning beyond federal borrowing by criticizing state-level debt, especially in Democrat-run states such as California, New York, New Jersey, and Illinois.
- Duke argues that government waste, fraud, and ideologically driven spending are major contributors to the problem, citing claims of large-scale fraud in federal programs.
- The article closes by connecting government debt to broader cultural and personal debt habits, suggesting that public financial recklessness reflects a deeper moral and civic problem.
Read the full story: https://thenewamerican.com/us/economics/nuclear-debt-bomb-u-s-debt-reaches-red-zone-100-of-gdp/
