US federal debt hit a record $38.74 trillion.
This marks a +$16.7 trillion increase, or +76%, since mid-2019.
This means the US public debt has grown over +$2.3 trillion a year on average.
As a % of GDP, it is up to 122%, only below the 2020 crisis levels.
This means the size of the debt is more than 2 TIMES larger than the size of the world’s largest economy.
The ratio was ~62% before the Great Financial Crisis.
This is INSANE.
Seems unsustainable.
There really should be some discussion of a tax moratorium when the amount printed each year dwarfs tax revenue
So much for ceilings
Ceilings were made to be broken!
Wild numbers $38T feels abstract, but thinking about it as 2x the world’s largest economy really puts it in perspective.
Treasury printer machine go brrrrrrrr....