Here we are on Friday night and let me say — go woke, go broke. According to the Congressional Budget Office, through June, total federal debt in the hands of the public is $21.7 trillion dollars.
Total debt itself, which includes intergovernmental transfers (like social security, trust funds), comes to $28.5 trillion dollars.
So, call it 100% of GDP. It’s a nice round number and easy to remember. Under current law, the CBO estimates federal debt in public hands will be $35.8 trillion by 2031 in their 10-year forecast.
That is not including any of the new Biden spending proposals, which could be $3.5 trillion (or maybe $4 trillion or maybe $5 trillion) — or maybe more if they really crank up the woke.
The CBO also estimates that the government will spend more than $60
trillion dollars over the next 10 years. Again, that's current law or
what's called “current services.” It does not include any new Biden
proposals.................To Read More.....