Fiscal Irresponsibility 37, On the $14 billion/day increase in US public debt

See the latest data on US public debt. This October alone, weeks before the Presidential elections, average increase of $14.3 billion/day.

https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny

US fiscal and monetary leaders always argue that the US will never default on its debt because the US government can always print more dollars to pay its obligations, the US debt is denominated in its own currency.

Maybe, but maybe not. They may have civil war someday. In fiscal year 2023-24 that ended last Sept 30 2024, US interest payment alone was $882 B, larger than defense spending, first time. As interest payment eats bigger share of the budget, social security and health spending will suffer, people will rebel.

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See also:
Fiscal Irresponsibility 36, Big increase in US public debt during lockdown, June 20, 2024

Fiscal Irresponsibility 34, On sectoral parochialism and rising public debt, February 20, 2024

Fiscal Irresponsibility 35, The AFP and PCG lobby for trillions pesos procurement