According to the US Treasury, the federal government owes $28.2 trillion. It crossed the “28” threshold on the last day of March. The debt was just under $25 trillion at the end of April a year ago. There’s no question it’s growing at a faster and faster pace, and now there’s the excuse of Covid to spend more.
Keep in mind, this is only that part of the total liabilities that the government chooses to acknowledge. If it reported its financials the way all substantial businesses do, then the number would not be a mere $28 trillion but well over $100 trillion.
An eighth-grader can see that this debt cannot be paid.
Federal Debt: Total Public Debt, 1970 – 2020 – Click to enlarge
The problem is debt, which cannot be paid
Leaving aside that there is no political