$30 Trillion Mark Reached In National Public Debt Nearly 14 Years Early

Spurred by record spending during both years of the C-19 crisis, the national public debt of the United States soared past $30 trillion 14 years ahead of schedule according to the Department of the Treasury as reported in the Las Vegas Review Journal.

During the balanced budgets during the 1990’s, billions annually were used to pay down the principal of the overall public debt of the national government. if that strategy were again employed, with the federal budget running a substantial enough surplus to afford a $50 billion repayment of the national ‘debt’, repayment of the first $1 trillion in principal would be achieved in 2042, with the final trillion paid off sometime past the 26th century, which in economics terms qualifies as ‘in the long run.’

We will be following this story as it is clear that inflation and the effort to deal with inflation is being directly influenced by large public spending outlays.