In just one month the Federal Government increased the National Debt by over $300 billion
It didn’t take long for the Federal government to cross the $20 trillion threshold when Congress facilitated a three month extension of the debt ceiling last month, and it appears from early indications that the final 100 days of 2017 could bring that debt very close to $21 trillion.
This is because in just the past 30 days, the national debt has increased by over $300 billion, with tally’s still awaiting whatever costs may come from Hurricane’s Harvey, Irma, and Maria.
The surge in U.S. debt that took place over the past two days all started when the debt ceiling limit was officially allowed to increase on Sept 8th.¬† In just one day, the U.S. Treasury increased the public debt by $318 billion:
The U.S. Treasury will have to pay out an additional $7 billion interest payment for the extra $318 billion in debt it increased in just one day. ¬†Again, that $7 billion interest payment is based on an average 2.2% rate multiplied by the $318 billion in debt.¬†¬†Now, if we compare the additional $7 billion of U.S. interest expense to the total value of the silver SLV ETF of $5.8 billion, we can plainly see that printing money, and increasing debt becomes a valuable tool for Central Banks to cap the silver price. –¬†Silver Doctors
Ever since 2001, the national debt has doubled under each of the two previous administrations with George W. Bush taking the debt from $4.5 trillion to $9 trillion, and Barack Obama taking it from there to over $19 trillion.¬† And if this trend continues under Donald Trump, the culmination of his four year term would take the debt to potentially $30 trillion.
Over the past 18 months Congress has ‘kicked’ the proverbial debt ceiling can down the road, allowing for the Executive and Legislative branches to borrow unlimited amounts of money without the need for lawful fiscal responsibility.¬† And since the debt has reached astronomical levels of more than 105% of debt to GDP, talk is now commencing of eliminating the debt ceiling altogether, and open the floodgates to where the U.S. could soon become the new Japan.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.