Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- US national debt tops $34T for first time in history
- The national debt – which measures what the U.S. owes its creditors — hit $34 trillion as of Friday afternoon, according to new data published by the Treasury Department. By comparison, just four decades ago, the national debt hovered around $907 billion.
- “We are beginning a new year, but our national debt remains on the same damaging and unsustainable path,” said Michael Peterson, CEO of the Peter G. Peterson Foundation, which advocates for fiscal sustainability.
- The historic debt level comes as Congress races to finalize critical funding bills in order to prevent a government shutdown.
- The national debt is expected to nearly double in size over the next three decades, according to the latest findings from the Congressional Budget Office. At the end of 2022, the national debt grew to about 97% of gross domestic product.
- Under current law, that figure is expected to skyrocket to 181% at the end of 2053 – a debt burden that will far exceed any previous level.
- Even more worrisome is that the spike in interest rates over the past year and a half has made the cost of servicing the national debt more expensive.
- That is because as interest rates rise, the federal government’s borrowing costs on its debt will also increase. In fact, interest payments on the national debt are projected to be the fastest-growing part of the federal budget over the next three decades, according to the CRFB.
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