For decades, Americans have been vaguely aware of the now $36 trillion millstone of federal debt around our collective necks. Historically, the abstraction of the national debt barely nudged the body politic to concern themselves with government spending.
The electorate largely ignored it. And so did too many of their representatives.
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The federal debt continues to climb to unprecedented levels, but the “actual, true” debt is higher if the Treasury weren’t being drained, a national economist says.
Citing Bureau of the Fiscal Service data, E. J. Antoni, Ph.D., an economist at the Heritage Foundation, argues that as the federal debt increases, the “true daily deficit” is being masked by the amount of cash being drained from the U.S. Treasury by Treasury Department Secretary Janet Yellen.
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“We can bear neither our diseases nor their remedies.”
So shrugged the ancient historian Livy (59 B.C.- A.D. 17) of the long decline of Roman national character that, in his age, finally ended the Roman Republic.
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The federal debt increased by $6,238,231,285,652.06 between Jan. 20, 2021, the day President Joe Biden was inaugurated, and Jan. 2, 2023, the last day for which the debt has been reported.
That equals $47,462.84 for each of the 131,434,000 households that the Census Bureau estimates were in the United States in 2023.
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