Our word of the day, boys and girls, is “insolvency.” Data from the U.S. Treasury Department shows that our national debt jumped by a mind-blowing $275 billion in a single day.
I recently wrote a piece citing multiple experts to argue that the U.S. government’s debt is unsustainable. We cannot afford the majority of our current spending, let alone increased spending. The new sobering data from the Treasury Department just emphasizes my point.
The Treasury Department’s Debt to the Penny data page posts the U.S. debt on every business day. Before discussing the data in detail, it is important to note that the Treasury says it posts data every day that is from the previous business day. In other words, data posted Sept. 29 is actually from Sept. 28, and data posted Oct. 2 is actually from Sept. 29 (because Sept. 29 was a Friday). Debt to the Penny posted our debt as $33,167,334,044,723.16 on Friday, meaning that was the debt on Sept. 28. On Monday, however, Debt to the Penny posted the Sept. 29 data, which showed the debt at $33,442,148,619,617.43. That’s a jump of $274.81 billion in the U.S. national debt between Thursday and Friday.
One of the Founding Fathers’ concerns was having too much national debt. Of course, in the Constitution, they carefully and seriously restricted the federal government and its activities. Now that most of our bloated government is unconstitutional, it is perhaps unsurprising that we should also be deeply in debt, but such a situation cannot last forever.
The Epoch Times reported on Oct. 4:
In a single month, the national debt saw a more than $600 billion surge. Since President Joe Biden and former House Speaker Kevin McCarthy (R-Calif.) reached a debt-ceiling agreement, the federal government’s total public debt outstanding has risen by nearly $2 trillion.
The United States’ debt challenges come as the federal deficit is on track to reach $2 trillion.
This news is particularly interesting since more than one of the GOP representatives who just voted to oust Kevin McCarthy (R-CA) as House speaker cited our massive debt as a reason. McCarthy was cutting deals with the Democrats and Joe Biden for spending we simply cannot afford. Looking at the $274.81 billion jump in one day, one must admit that Rep. Tim Burchett (R-TN) had a point when he said, “I worry about losing our country…we are going to face financial ruin.”
Related: No Evidence of Wrongdoing by Joe Biden? How About This?
Unfortunately, under Joe Biden, we might be facing financial ruin a whole lot sooner than most Americans realize.
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