National Debt Soars To $38 Trillion Under Trump

 

According to Treasury Department reports, the U.S. national debt has reached the $38 trillion mark, with the fastest accumulation of debt aside from the COVID pandemic in 2020.  From the Associated Press:

"In the midst of a federal government shutdown, the U.S. government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet.

It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year.

The $38 trillion update is found in the latest Treasury Department report, which logs the nation’s daily finances.

Kent Smetters of the University of Pennsylvania’s Penn Wharton Budget Model, who served in President George W. Bush’s Treasury Department, told The Associated Press that a growing debt load over time leads ultimately to higher inflation, eroding Americans’ purchasing power."  (our emphasis)

With punitive tariffs adding to consumer expenses, with Federal furloughs and firings rippling through the economy, and with inflation on the rise, the Malignant Fascist has done significant damage to the economy already, and a rapidly increasing debt on his watch is another flop of his to deal with.