debt
US Treasury Adds $104,000,000,000 To National Debt in One Day As Total Outstanding Debt Shatters Record High at $35,951,000,000,000
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2 months agoon
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adminThe US national debt just hit a new record high after the Treasury Department added $104 billion to its outstanding balance in a single day.
The Treasury’s Debt to the Penny database shows the government’s pile of debt is close to $36 trillion, clocking in at $35.951601173936 trillion.
The US shattered the $35 trillion barrier in late July.
The grim milestone comes as a study from the nonpartisan Committee for a Responsible Federal Budget shows both presidential candidates will add trillions more to the national debt.
The CRFB says a Harris presidency could add $3.5 trillion to the debt over ten years, while a Trump presidency could add 7.75 trillion in the same time frame.
However, the agency warns its models have a wide range of possible spending outcomes.
“Our estimates come with a wide range of uncertainty, reflecting both different interpretations and estimates of the policies.
Under our low- and high-cost estimates, we estimate Vice President Harris’s plan could increase debt by between $300 billion and $8.30 trillion through 2035, while President Trump’s plan could increase debt by between $1.65 and $15.55 trillion.”
The agency says its estimates reflect the “expected fiscal impact” of the policies that the candidates have laid out on their campaign websites, official announcements, white papers and social media posts.
“The national debt currently stands at 99% of Gross Domestic Product (GDP) and is projected to grow from 102% of GDP at the start of FY 2026 to 125% by the end of 2035 based on the Congressional Budget Office’s (CBO) current law baseline.
The debt will exceed its record as a share of the economy – 106% set in 1946 – in just three years. Debt would continue to grow faster than the economy under either candidates’ plans and in most scenarios would grow faster and higher than under current law.”
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Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, said he prefers investing in “hard money” like bitcoin and gold over debt assets, given rising global indebtedness.
In a speech at the Abu Dhabi Finance Week conference, the veteran investor referred to “unprecedented levels” of debt seen in all major countries, including the United States and China, stressing that current levels are unsustainable.
“It is impossible for these countries to be able to not have a debt crisis in the years ahead that will lead to a great decline of [money] value,” Dalio said.
He continued that he wants to “steer away from debt assets like bonds and debt, and have some hard money like gold and bitcoin.” Dalio sees bitcoin and gold as stable hedges against economic uncertainty.
The billionaire investor was not always so keen on bitcoin. Previously, Dalio believed crypto would not succeed as hoped. But he has emerged as a major bitcoin advocate in recent years.
In 2022, Dalio said allocating up to 2% of a portfolio to bitcoin, in addition to gold, is reasonable to hedge against inflation.
Dalio’s take further legitimizes bitcoin as a hedge against unsound monetary policies. As nations continue debasing fiat currencies, bitcoin’s fixed supply makes it a safe haven.
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