Michael Ramirez: The Fiscal Folly of Free Stuff 08-06-23
From America's Premier Editorial Cartoonist
Mountain of Debt
Michael Ramirez August 6, 2023
Our national debt is $32,604,452,931,788.00. Have a great week.
…Okay, you probably need a little more from my Substack… So, the White House was surprised this week when Fitch Ratings downgraded the U.S. credit rating from AAA to AA+.
Why would anyone be surprised?
As I mentioned before, the U.S. National debt is currently more than $32.6 TRILLION… which breaks down to about $97,521 per person. The debt is bad enough. We have added $12.25 TRILLION Value of debt in just the last six years.
To put it in perspective, our combined additional debt in six years is larger than the 2022 GDP of all countries in the world except the United States and China. Our national debt is almost twice the size of the GDP of all the countries in the European Union combined.
The GDP forecast for the United States in 2023 is $26.854 trillion. So even if we took the complete value of all the goods and services produced in the United States in 2023 and used it to pay off our gross national debt, we would be short by $5.75 trillion, which, again, to put that in perspective, is higher than the GDP of every country in the world, except the United States and China.
Now the U.S. economy is a goliath. Our economic output alone constitutes about a quarter of the global economy. Our problem is the failure of our political leadership to rein in spending.
Democrats like to blame the debt on the Trump tax cuts and COVID, but mostly, Trump and the Republicans. The truth is that we have been taking in record amounts of federal revenue every single year. We are just spending at historic levels…
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