A trillion a quarter
“If the government can print unlimited amounts of money out of thin air, why do they collect taxes? The real problem is that you pay high taxes only to uphold the illusion that you are funding the government, which you are not. The government is funded by money printing.”
— President Nayib Bukele
The TARP bailout of 2008 was very controversial, with many people strongly opposing to it. The total value of the program was $700 billion dollars. At the time it was seen as an ungodly amount of money.
Now we add 1,000 billion dollars to the national debt every 100 days.
From 16 years a trillion to 100 days a trillion
The chart below shows how many years it took to add the next trillion to the national debt.
The first trillion took longer than the 16 years on the chart. Unfortunately, the Federal Reserve data only starts on January 1, 1966 and at that point the national debt was 320,999 million USD.
The debt crossed the first trillion during the 3rd quarter of 1981.
Since then, the US government has been racking debt
We’re heading towards 4 trillion dollars of new debt per year. Soon the whole annual budget will be paid by debt.
Notable notes
Recommendations
Anil
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