Ep. 69 - 32 Going On 33: Rising National Debt at Historic Proportions
Forecasted figures point toward an interest payment on the national deficit of 1 trillion by 2030. How will we get out of this one?! It’s time to dive into the world of national economics! In this episode, we tackle the Federal Reserve's recent short-term interest rate increases and their impact on regional banking and the staggering $32 trillion national deficit. We’ll unpack how such a colossal amount accumulated and delve into how Congress and the President address the deficit, leading us to a topic that was brushed under the rug: the US debt ceiling. We scrutinize the escalating interest payments on the national debt, examine how foreign creditors contribute to one-third of this figure, and round it up with what potential solutions could look like.
Brace yourself for an immersive look into these critical economic factors and the trajectory we’re heading down as a nation.
[00:01 - 03:26] Exploring the impact of $32 trillion in national debt: the Burn Rate reality
[03:27 - 08:40] Our deficit problem—interest payment on debt to reach $1.3 trillion by 2030
[08:41 - 11:18] Debt maturity and interest rates: examining the impact of rising national debt on the economy
[11:19 - 14:18] Trillion-dollar question: what’s the solution?
Quotes:
"The interest payment on this debt alone is about to breach $600 billion. A mind-boggling jump from last year's $475 billion." - Quinton Harris
"Did you know? A third of our debt is owed to foreign entities. This is a third of our payments that leave our economy." - Quinton Harris
"As the interest rate on national debt rises, it pressures our budget. Forecasted figures point towards 1 trillion in interest payments by 2030. We need a solution." - Quinton Harris
"We need to learn from history. From Washington to Clinton, the total national deficit was $4 trillion. Post-Clinton, it increased eightfold." - Quinton Harris
Resources Mentioned:
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