Fiscal Collapse Accelerates - Opinion
In case you thought anybody in Washington was driving this thing, they are not.
It’s official: The Department of Treasury is now issuing debt at pandemic levels. It’s worth noting that the pandemic record was double the previous record, which had stood for 231 years.
The latest numbers for the fourth quarter of 2023 show that the Treasury issued $7 trillion in new debt. For the entire year, it came to $23 trillion.
At this point, federal debt is rising by $1 trillion every 90 days, and U.S. government spending as a percent of gross domestic product is at World War II levels.
At this point, there is nothing standing between us and fiscal collapse. The only question is when.