Loading ...Federal Debt Tops $26 Trillion for First Time; Jumps $2 Trillion in Just 63 Days
(CNSNews.com) – The debt of the federal government topped $26 trillion for the first time on Tuesday, when it climbed from $25,960,547,920,986.11 to $26,003,751,512,344.91, according to data released today by the Treasury Department.
The federal debt had topped $24 trillion for the first time on April 7, 2020.
It then climbed another trillion dollars in just 28 days, topping $25 trillion for the first time on May 5.
Only 35 days had elapsed from when the debt topped that $25-trillion threshold on May 5 to yesterday, when it topped $26 trillion for the first time.
The chart below shows the date on which the federal debt surpassed each trillion-dollar threshold from $5 trillion to $26 trillion:
Oh that’s nothing… wait until MMT fully kicks in
It will be nice If you chart debt vs time it will show it going higher exponentially just like cases in pandemic.
Hockey Stick
Dovish Fed sees no interest-rate hikes for years, will keep buying assets
By Greg Robb and
Jeffry Bartash
116
Powell pushes back on criticism he has put too much money into markets
The Federal Reserve on Wednesday maintained a firmly dovish stance despite some tentative signs that the economy is bottoming.
The Fed said it doesn’t expect to lift its benchmark interest rate until 2023. Only two of 17 top officials said rates would move slightly higher in 2022.
“We’re not even thinking about thinking about raising rates,” Fed Chairman Jerome Powell told reporters.
The Fed also announced it would end the steady tapering of its asset purchases. Going forward, the Fed would keep buying Treasurys and mortgage-backed securities, “at least at the current pace.”
There had been concerns among some economists and financial markets that these purchases, which the Fed says are supporting market functioning, might end as they have been tapered in recent weeks. At the moment, the Fed will buy $20 billion in Treasurys this week and up to $22.5 billion in mortgage bonds to stimulate the economy in quantitative easing.
“The June FOMC meeting has delivered a firmly dovish outcome across both QE and rates in what we view as a concerted effort to prevent any acceleration higher in yields and signal maximum support for the recovery,” said Krishna Guha of Evercore ISI.
Unfunded liabilities on top of the 26T, 140 TRILLION and counting.
https://www.usdebtclock.org/
Babylonian money magic
This good herald the end of an era, and the end of an empire.
Well posted, Sir Steins.
Aah! EDIT
“This Could…”
I had gotten it. 🙂
Yep, just like in the movie “Titanic”, when the water spilled across the 4th bulkhead, we have passed the point of no return. Now it is just waiting and watching the end game play out. There will be a world-wide reset in a decade or so. I feel Bad for the young folks.