Unsustainable
The national debt (more than $34 trillion) is now more than GDP. As of the second quarter of 2024, total public debt was 120% of GDP. In 2024, taxpayers will pay more in interest ($843 billion) to service the debt than we spend on healthcare, national defense, veterans benefits or education.
The debt is so high, that Fortune 500 CEOs regularly include it as a risk to future earnings in their reports and earnings calls.
Jamie Dimon says Washington is facing a global market “rebellion” because of the tab it is racking up, while Bank of America CEO Brian Moynihan believes it’s time to stop admiring the problem and instead do something about it. Elsewhere The Black Swan author Nassim Taleb says the economy is in a “death spiral”, while Fed chairman Jerome Powell says it’s past time to have an “adult conversation” about fiscal responsibility.
yahoo!finance
Editorial cartoon by Michael Ramirez. Commentary by R. Mitchell, Editor-in-chief.
See more Ramirez (@Ramireztoons) HERE.