by Michael Snyder
The Economic Collapse Blog
I didn’t think that this would happen. A few years ago when the U.S. national debt crossed the 20 trillion dollar mark, I didn’t think that it would ever get to 30 trillion. But at this moment the U.S. national debt is around 28 trillion dollars, and our politicians in Washington are about to pass a 1.9 trillion dollar “relief bill”. We are going to have to borrow every single dollar that we spend in that bill, and that will be on top of all of the “normal” borrowing that we are already doing. So by the end of 2021, the U.S. national debt will cross the 30 trillion dollar mark. I am sitting here searching for words that will do justice to how foolish this is, but I can’t seem to find any. We are literally in the process of committing national financial suicide, but fewer Americans seem to care about budget issues than ever before.
According to the Bureau of Economic Analysis, U.S. GDP declined to 20.93 trillion dollars in 2020.
So once our national debt crosses the 30 trillion dollar mark, our debt to GDP ratio will be surging toward 150 percent.
That is madness.