U.S. national debt exceeds $30 trillion for first time

Axios/Shawna Chen/2-2-2022

“The nation arrived at the number far earlier than projected due to the pandemic, which amped up federal spending into the trillions, the New York Times writes. The new record comes as the U.S. struggles to deal with worsening inflation.”

USAGOLD note: The biggest problem with the national debt in an era of rising rates is the interest paid as a percentage of overall expenditures. Those who cling to the notion that there is no consequence to the massive national debt will be in for a rude awakening.

Sources: St. Louis Federal Reserve [FRED}, U.S. Department of the Treasury. Fiscal Service