Consumers ended 2021 with record levels of debt, which stood at $15.6 trillion, according to data released Tuesday from the Federal Reserve’s New York district.
A large chunk of the debt-load increase came from mortgages, which saw balances rise by $890 billion for the year.
Given the long-term upward trend in the federal debt in the years since Roosevelt’s administration, it is unlikely that politicians in Washington, D.C., will seriously roll it back any time soon.
Sen. Joe Manchin (W.Va.) stunned fellow Democrats on Sunday by announcing he would not vote for President Biden’s ambitious climate and social spending bill, which his allies saw as the crowning legislative achievement of the president’s first term.
0 Comments 42 December 20, 2021 1 The Congressional Budget Office (CBO) that Biden described in 2010 as ‘Gold Standard’ is now Democrat Enemy No. 1 They find the $1.7 trillion House bill going through the motions, under Build Back Better, to actually be $3 trillion underestimated. In case you missed that here it is again: $3 TRILLION underestimated. This means that the ‘$365 billion additional planned deficit’ will be in the Trillions, all added to the record sky-high mountain of debt, all of which will avalanche back down to help destroy the economy. Home
China’s Belt and Road Initiative (BRI) is a “debt trap” and “data trap,” warned British MI6 chief, Richard Moore. Eight years in, the BRI is littered with half-built bridges, unfinished projects, overbudget railways, roads to nowhere, lots of debt, and angry people.
The House-Biden plan will give the U.S. the highest combined federal and state top tax rate among major nations.
Congress is quickly approaching the deadline to raise the debt limit or risk defaulting on its debt for the first time in U.S. history by some point in October.
That should buy Congress enough time to raise or suspend the debt ceiling. The alternative would be a never-before-seen default on U.S. debt.
ongress should pay for its infrastructure spending, not look for creative ways of avoiding responsibility.
Senate Republicans plan to demand big spending reforms in exchange for their support of legislation to raise the nation’s debt ceiling, seeking leverage to rein in President Biden
JOE BIDEN
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’s plan to pump trillions of dollars into the economy.
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