The $36 Trillion Question: America's Rising Debt and Ballooning Deficits

The United States is currently facing significant fiscal challenges, with the national debt surpassing $36 trillion and the budget deficit reaching $1.8 trillion in fiscal year 2024.

In a recent discussion, Bloomberg columnists Robert Burgess and Clive Crook analyzed the implications of these developments.

National Debt and Budget Deficit Overview

National Debt: The U.S. national debt has experienced a rapid increase, rising from $19.5 trillion in 2016 to over $36 trillion by November 2024. This escalation has elevated the debt-to-GDP ratio from approximately 105% to around 120%, indicating a growing burden relative to the nation's economic output.

Budget Deficit: In fiscal year 2024, the federal government reported a budget deficit of $1.8 trillion, marking the third-highest deficit on record. This deficit persists despite an 11% increase in revenues, highlighting the challenges in balancing government spending and income.

Key Insights from Burgess and Crook

Robert Burgess: Burgess emphasizes the broader economic context, noting that while the debt levels are concerning, the strength of the U.S. dollar and the country's economic resilience provide some buffer against immediate fiscal crises. He suggests that the current debt levels, though high, may not precipitate an immediate financial disaster.

Clive Crook: Crook expresses apprehension about the trajectory of the national debt, warning that continued fiscal indiscipline could lead to a loss of investor confidence and potential market upheavals. He advocates for proactive fiscal reforms to address the underlying issues contributing to the growing debt.

Implications and Considerations

Interest Payments: The cost of servicing the national debt is escalating, with net interest payments reaching a record $882 billion in fiscal year 2024. This increase diverts funds from other critical government programs and underscores the urgency of addressing the debt issue.

Political Landscape: The upcoming presidential election features candidates proposing policies that could further impact the national debt. For instance, discussions around reversing certain executive actions have been suggested as potential measures to reduce the deficit.

Conclusion

The escalating national debt and budget deficit present significant challenges for the United States. While opinions differ on the immediacy of the threat, there is a consensus on the need for fiscal responsibility to ensure long-term economic stability. Addressing these issues will require a combination of policy reforms, spending adjustments, and potentially new revenue sources to place the nation on a more sustainable fiscal path.

Comments

The End of Zionism? Welcome to the Funeral Nobody Wants to Admit Is Overdue

Of course. Haaretz recently published an opinion piece by Ithamar Handelman -Smith titled “ Some Say It’s the End of Zionism, and I Say That’s All Right .” And what impeccable timing: as Israel carries out a near-two-year campaign of siege, famine, and bombardment in Gaza — slaughtering families, burying aid workers with their ambulances, and literally starving children to death — someone in Israel finally whispers the unspeakable: maybe Zionism, that 20th-century project of “ Jewish salvation ,” has outlived its moral shelf life. Bravo. The house is burning, bodies are scattered in the street, and the philosopher shows up with a garden hose . Zionism: Success Story or Crime Scene? Handelman-Smith argues that Zionism achieved its success : a Jewish state, a safe haven, a fortress against the ghosts of Europe’s crimes . But like every “ success story ” drenched in other people’s blood , it didn’t age well. What began as refuge turned into domination; what was called “ ...

Docu Drama. The voice of Hind Rajab.

The Red Phone Rings, but the World Hits Mute The world just gave a 23-minute standing ovation —yes, twenty-three full minutes of clapping —for The Voice of Hind Rajab at the Venice Film Festival . Applause so long it could’ve filled Hind’s final desperate phone call to the Red Crescent. Bravo, humanity. We couldn’t save her when it mattered, but at least we can applaud her ghost. This is the new morality play: a five-year-old Palestinian child, trapped in a bullet-riddled car , whispering “please come, I’m scared ,” while surrounded by the corpses of her family. The Red Crescent tried . Paramedics drove toward her and were killed too . Israel buried them in silence . And the “ civilized world ”? It buried her in its news cycle . But now—don’t worry— we have a movie . Starring Hind’s voice. Directed by Kaouther Ben Hania. Produced by an ensemble of Hollywood conscience-bearers : Brad Pitt, Joaquin Phoenix, Rooney Mara, Alfonso Cuarón, Jonathan Glazer, Jemima Khan , and others. ...

Gaza’s Famine: The World Watches Starvation as a Weapon of War

By Vivian Yee, The New York Times (Aug. 22, 2025) — Reflections and Analysis It is now official: Gaza City and its surrounding areas are in famine. Not “at risk of famine.” Not “approaching famine.” But famine itself — starvation, acute malnutrition, and death. At least half a million people in Gaza Governorate are enduring th e most extreme conditions that the world’s top hunger monitoring group — the U.N.-backed Integrated Food Security Phase Classification (I.P.C.) — measures. With rare exceptions, the other two million residents of Gaza are also suffering severe hunger. The report is unambiguous: famine in Gaza is entirely man-made . It is not drought. It is not nature. It is the direct result of Israel’s blockade of food and aid, relentless bombardment, and the collapse of healthcare, water, and agriculture. “ The time for debate and hesitation has passed. Starvation is present and is rapidly spreading.” — I.P.C. Report By September, famine is expected to engul...

God’s Favorite Real Estate Agents: Smotrich, Ben Gvir, and the Holy Land Realty Circus

Forget Wall Street. Forget Silicon Valley. The hottest property market today is Occupied Palestine , where homes are not sold with contracts but sanctified with bulldozers, blessings, and bullets. The chief brokers are well known: Bezalel Smotrich , Israel’s Finance Minister, and Itamar Ben Gvir , its National Security Minister. Smotrich doesn’t bother with diplomacy anymore. He boasts that 3,400 new settlement units will “ bury” Palestinian statehood . That’s not zoning — that’s divine grave-digging . Ben Gvir, meanwhile, provides the “ Home Security Package ,” arming settlers like crusader knights on hilltop fortresses and declaring it holy work . All of this would be bad enough if it were just Israeli extremists playing God’s real estate agents . But then came the shocker — the endorsement from the world’s highest court. Enter Judge Julia Sebutinde : a Ugandan jurist, the first African woman to sit on the International Court of Justice (ICJ) , today its Vice-President ,...

Dockers of Conscience: Italy’s Brave Guardians of Gaza

At a time when most governments avert their eyes , when institutions choose silence over principle, it is often the hands hardened by real work — the hands of dockworkers— that lift the banner of humanity. In Genoa , those hands belong to the members of the Unione Sindacale di Base (USB) and the dockworkers’ collective CALP ( Collettivo Autonomo Lavoratori Portuali ) . These are not new voices. For years they have stood where conscience demands —on the cold concrete of the docks , blocking ships laden with weapons destined for wars , refusing to let Italy’s ports be complicit in bloodshed. USB , born in 2010 out of grassroots struggles , has carried a proud history of international solidarity. Its members have consistently placed labor at the service of justice, from strikes against austerity to protests against militarism . CALP , forged in Genoa’s port , has a more direct history with Palestine: blocking Israeli-bound weapons , organizing boycotts, and declaring, time ...

Ainnbeen

Search This Blog