Commentary
America’s public debt is now over $31.3 trillion! Watch the U.S. debt clock increase in real-time (here) and be shocked and amazed at how fast the debt is increasing.
As the U.S. Treasury Department reported, “the national debt ($31.35 T) is the total amount of outstanding borrowing by the U.S. Federal Government accumulated over the nation’s history.”
Can that debt ever be repaid?
Perhaps more importantly, is there any way to stop the continued borrowing that is mortgaging the future of the country?
Let us explore the topic.
Background
Article I, Section 8 of the U.S. Constitution gives Congress the power “To borrow Money on the credit of the United States.” This is how U.S. debt is financed. U.S. Treasury securities are sold to investors and may be purchased directly from the Treasury or on the secondary market by individual private investors, the U.S. Federal Reserve, financial institutions in the United States or overseas, and foreign/state/local governments….