Pres. Roosevelt signed the Public Debt Act, raising the national debt ceiling to $49 billion. Adjusting for inflation it would take our 117th Congress about 56 days to spend that money, which is roughly $1 trillion in 2021 dollars.** And we aren’t mobilizing for a global war.
Not to drill too deeply into economics, but it is worth mentioning that 80 years ago our national debt was just 40% of our gross domestic product. Today’s official debt, not accounting for unfunded liabilities, is 140% of our GDP.
the official debt is greater than annual GDP. The unofficial debt is tens of trillions higher, I’m sure. Where is the money to pay the debt going to come from? Does the government have a secret stash of Bitcoin, to be sold as needed to cover it?
You are quite right; our unfunded liabilities goes well above $100 trillion and barring some huge leap forward in our economy, such as quantum computing for example, there is probably no escaping the debt crisis we are in. I would say it presents a greater danger to us than the Axis did. But like I said, I didn’t want to drill too deeply.
“Adjusting for inflation”
Just a question. Are you comfortable using the government statistics on inflation? They always seem low to me. I know that may be all one has but I wonder how good they are. Not enough people note accuracy issues regarding the government’s published inflation numbers.
“Does the government have a secret stash of Bitcoin, to be sold as needed to cover it?”
Wouldn’t it be funny (but brilliant) if one of those mysterious government “data centers” was actually using supercomputers to mine bitcoin?