National Debt Tops $32 Trillion for the First Time
finance.yahoo.com
The U.S. national debt surpassed $32 trillion for the first time on Thursday, according to Treasury Department data released today. The milestone comes less than two weeks after President Joe Biden signed into law the Fiscal Responsibility Act of 2023, his compromise with Republicans led by House Speaker Kevin McCarthy to trim spending by a projected $1.5 trillion over a decade and suspend the nation’s debt limit until January 2025. Total public debt outstanding — which includes debt held by the
  • bouncing@partizle.comEnglish
    0·
    1 year ago

    The reality is that US spends more on military than the next 10 countries combined.

    Unless we’re going to start paying soldiers $1,000/yr (roughly what China does), that’s going to be the reality.

    For context, overall manufacturing output of US is only around $1.9 trillion.

    And New York City’s manufacturing output is almost nothing. Manufacturing isn’t GDP.

    • ☆ Yσɠƚԋσʂ ☆@lemmy.mlOPEnglish
      01·
      1 year ago

      Unless we’re going to start paying soldiers $1,000/yr (roughly what China does), that’s going to be the reality

      You seem to be ignoring the concept of purchasing power here.

      And New York City’s manufacturing output is almost nothing. Manufacturing isn’t GDP.

      My point was that GDP is not a useful metric, and I even gave you a concrete example of why.