US Debt Ceiling, The Wall, Runaway Spending, & The Lack Of Evidence Of Concern… So Far

Jon Economy

The US Statutory Debt Limit, a failed tool to halt the endless growth of Federal debt issuance, is once again in play at nearly $20 trillion. It was only at $6 trillion in 2002.
The problem, of course, is runaway Fed spending which is currently at around twice that of Federal current tax receipts, requiring that the deficit be funded by issuing Federal debt (or raising taxes and/or cutting Federal spending).
The staggering increase in Federal debt starting in 2007 also resulted in a large spike in public debt to GDP.

This post was published at Zero Hedge on Aug 28, 2017.