The debt bomb grows
Reason: "
Budget Deficit Hit $1.8 Trillion After Huge Increase in Borrowing Costs." - "
The federal government posted a $1.8 trillion budget deficit during the fiscal year that ended on September 30, despite an increase in tax revenue, thanks to higher spending and the rapid growth of interest costs tied to the $35.6 trillion national debt."
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U.S. household wealth has risen to all all-time record high.
J.P. Morgan estimates that the average homeowner has over $400,000 in home equity, compared with $240,000 five years ago.
Net worth among the bottom 50% of Americans has doubled since 2019.
Over the past three years unemployment has averaged 3.8%. This is the lowest sustained rate of unemployment at any time in the past half century. Better than Reagan’s Morning in America. Better than Clinton’s dotcom boom. Better than Trump’s self-proclaimed “strongest economy ever.” The best in more than 50 years.
Wage growth is high, we have the most robust GDP growth in the world, record highs keep coming in the stock market, business investment is soaring, the solar boom is exceeding the most optimistic predictions, big productivity gains… everything is going in one direction.
Best of all, six of the seven 2024 swing states have been experiencing even faster growth than the U.S. economy as a whole. Arizona is behind the national norm but still has 1.2% growth.
Sorry about the recession that wasn’t. I know you prayed your heart out.
Anyhow, don't worry your little head about the national debt. Donald Trump will win, and he says that he's going to pay off the entire debt in bitcoin. World's smartest economist.
Apparently those swing-staters are crediting Trump for their best-of-all economies.
And yet today's American economy is the biggest and strongest on Earth. It's impossible to contradict the economic numbers, so you want to change the subject to mood. Apparently the GOP didn't mean it when they were yowling "Facts don't care about your feelings."
Imagine how the swing states would be polling if the soaring U.S. economy actually was the disaster that Trump keeps lying about. Like the Biden recession, just another MAGA dream deferred.
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