(The Center Square) – The federal government spent $1.8 trillion more than it collected in tax revenue in fiscal year 2024, according to figures released Friday by U.S. Treasury Department.
This is actually great news. The national debt went down last year. I mean, just based on those headline numbers, the national debt is smaller than it was before.
The nominal debt grew by 5% according to those numbers. Meanwhile, in that same period, US GDP nominal GDP grew at about 6% over the last year.
The raw number for national debt is meaningless. Only brain-dead morons care give a single fuck about the raw number. The raw number is for illiterate yokels who are scared of big maths in the way a caveman is scared of “fire! hot!”
For those who aren’t brain-dead hicks, the only figure that matters is national debt as a share of GDP. That shows whether our debt load is increasing or decreasing in proportion to our economy. And over the last year, the value of the debt as a share of GDP went DOWN. We could sustain a $1.8 trillion deficit literally forever.
This is actually great news. The national debt went down last year. I mean, just based on those headline numbers, the national debt is smaller than it was before.
The nominal debt grew by 5% according to those numbers. Meanwhile, in that same period, US GDP nominal GDP grew at about 6% over the last year.
The raw number for national debt is meaningless. Only brain-dead morons care give a single fuck about the raw number. The raw number is for illiterate yokels who are scared of big maths in the way a caveman is scared of “fire! hot!”
For those who aren’t brain-dead hicks, the only figure that matters is national debt as a share of GDP. That shows whether our debt load is increasing or decreasing in proportion to our economy. And over the last year, the value of the debt as a share of GDP went DOWN. We could sustain a $1.8 trillion deficit literally forever.