“U.S. national debt exceeds $30 trillion for first time,” by Shawna Chen, Axios
“The U.S. gross national debt exceeded $30 trillion for the first time on Tuesday, according to new figures from the Treasury. Why it matters: The nation arrived at the number far earlier than projected due to the pandemic, which amped up federal spending into the trillions, the New York Times writes. The new record comes as the U.S. struggles to deal with worsening inflation. … Yes, but: The national debt was already increasing prior to the pandemic. The U.S.’s budget deficit jumped 26% to nearly $1 trillion in late 2019, increasing for the fourth year in a row.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
We’ve watched the U.S. Debt Clock tally up the federal government’s unfunded spending at least since this 2009 LTC Bullet. “The Impending Collapse of the Roadblocks to LTC Insurance” that I predicted then hasn’t happened. Yet. We now know why. The trillions of dollars created out of nothing by the Federal Reserve flowed into stocks and real estate instead of causing consumer price inflation. So the rich got richer and everyone else slipped financially. But 2022 is a tipping point. Consumer price inflation has finally caught up with the Fed. The “impending collapse” I predicted in that 2009 speech at Jesse Slome’s “8th Long-Term Care Insurance Producers Summit” may finally be coming. Get ready.
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