National Debt Skyrockets Amid Pandemic, Report Says

National Debt Skyrockets Amid Pandemic

(HorizonPost.com) – The COVID-19 pandemic caused the United States to enter lockdowns, keeping most people at home, forcing businesses to shut down, and overall wreaking havoc on the economy. The federal government entered the fray with new programs costing trillions of dollars it doesn’t have, meaning it had to go further in debt to cover it.

The group Truth in Accounting keeps track of the country’s total debt, including future payments the government is obligated to make (mainly Medicare and Social Security). The official total the US Treasury Department keeps ignores future payments. While the Treasury’s total comes to $28 trillion, Truth in Accounting’s numbers indicate the US has $5.95 trillion in assets and $129.06 trillion “worth of bills.” If accurate, this would leave a debt of $123.11 trillion at the end of 2020.

The way Congressional Democrats are passing multi-trillion-dollar bills like the American Rescue Plan Act, the Committee for a Responsible Federal Budget has already estimated the total debt reported by the U.S. Treasury will reach 108% of the Gross Domestic Product (GDP) this year. In other words, it will exceed the value of all goods produced and services rendered for the entire year — and it’s not a good look.

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