Federal debt is up $100 billion in just four days. We\u2019re on track for $37 trillion by the end of this year. And $40 trillion by the end of next, Peter St. Onge warns.<\/p>\n
A prominent Wharton professor is warning of a \u201cmeltdown\u201d as early as 2025 as debt swamps financial markets.<\/p>\n
\u201cJuan Gomez Wharton, senior vice Dean of Research at Wharton, warns the $34 trillion debt, soon to be 35 trillion, could trigger a spiral like we saw in Britain in 2022 when national debt fears spiked interest rates, sparking panic selling in bonds that threatened to crash the economy and bankrupt banks and even pensions\u2026\u201d<\/p>\n
St. Onge said, \u201cThe CEO\u2019s of Bank of America and JP Morgan, the two biggest in the country recently warned of a quote market rebellion over debt as we careen towards a $5 trillion quote fiscal Cliff at the end of next year.<\/p>\n
\u201cKeep in mind that\u2019s all counting current projections. In other words, it assumes no new trillion dollar spending surprises and it also assumes no recession, so the fabled soft landing, if instead a recession does hit, then going by history, the deficit grows potentially by another couple trillion as social spending spikes and tax collection slump.<\/p>\n
\u201cEven without recession and those new spending surprises, we\u2019re looking at 37 trillion in debt by the end of this year and 40 trillion by the end of next year. It\u2019s worth noting that\u2019s about twice the pace that the Congressional Budget Office forecast\u2026<\/p>\n
\u201c$144 trillion\u2026Yes, that was the forecast that said we\u2019ll have $144 trillion in federal debt by 2053. Now, when it came out, that 144 trillion was met with an audible gasp. After all, that is more than literally all the money in the world. It\u2019s about one-third of the accumulated assets of humanity, and at the moment, we\u2019re actually going a lot faster\u2026<\/p>\n
\u201cWashington has lost all semblance of fiscal sanity at this point. They\u2019re competing for who can drain the treasury fastest\u2026\u201d<\/p>\n
Read more at: independentsentinel.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Federal debt is up $100 billion in just four days. We\u2019re on track for $37 trillion by the end of this year. And $40 trillion by the end of next, Peter St. Onge warns. A prominent Wharton professor is warning of a \u201cmeltdown\u201d as early as 2025 as debt swamps financial markets. At some point, … Continue reading Federal Debt Went Up $100 Billion in Only Four Days<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":21342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-24840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-content\/uploads\/2022\/09\/black_horse_blog-300x100-300x100-1.jpg","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8fAkI-6sE","_links":{"self":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/24840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/comments?post=24840"}],"version-history":[{"count":1,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/24840\/revisions"}],"predecessor-version":[{"id":24841,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/24840\/revisions\/24841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/media\/21342"}],"wp:attachment":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/media?parent=24840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/categories?post=24840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/tags?post=24840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}