America’s Debt Hits $40 Trillion
Federal debt is up by nearly 50 percent since the start of the pandemic. Not counting the unfunded liabilities associated with Social Security, Uncle Sam owes $34.5 trillion today, up $11 trillion from March 2020. Add in Social Security and we’re $40 trillion in the red.
Worse still, the Congressional Budget Office predicts that the number is set to rise by “an amount greater than at any point in the nation’s history.”
Remember when Reagan made fiscal conservatism cool? As Herbert Hoover was fond of saying, “Blessed are the young for they shall inherit the national debt.”
