3 Charts That Put the National Debt Bomb in Perspective
It’s not just small government cranks — prominent American businessmen are now also warning about ballooning debts.
Bubba
02 Jul
JP Morgan CEO Jamie Dimon in an interview with Sky News: “The sooner we focus on [the deficit], the better. … At one point, it will cause a problem… the problem will be caused by the market, and then you’ll be forced to deal with it and probably in a far more uncomfortable way than if you dealt with it to start.”
Hedge fund founder Ray Dalio in an interview with the Financial Times: “I’m… concerned about the softening demand [for government bonds] to meet supply, particularly from international buyers worried about the US debt picture and possible sanctions (against countries other than Russia).”
The United States’ debt sits at a record-high $34.5 trillion debt and deficits are growing. Here are some charts that put it all into perspective:
Spending’s growing way faster than revenue.
The amount the government spends for each American has skyrocketed.
Interest and mandatory spending are eating up a greater share of the budget.
Bubba’s Two Cents
A segment of the population has been warning about debt levels for years (decades?). But the fact that these concerns are breaking into the mainstream shows how serious things have gotten. It’s a start, at least.