The National Debt Explained

The national debt now stands at $34 trillion and some billions in change. The conversation around our debt has been in each election for decades. Despite our awareness of runaway and uncontrolled spending, neither the Republicans nor the Democrats have offered meaningful solutions. Analyst will tell you that there is nothing wrong with having a large debt because America is in good standing with the world regarding our dollar and treasuries owned by others. That is only half the story.

 

Today I decided to educate listeners about what the national debt is and how it has continued to grow. I discuss the non-marketable and marketable securities, while clarifying what is debt held by public and debt held only by the government, known as intragovernmental. Debt is not new as our country was founded in debt post the American Revolution. The world no longer works like it did over 200 years ago. Failure to address this crisis immediately will lead to the end of the Empire and experiment known as America.

 

In the second half of the show I address the resignation of Claudine Gay from the Presidency at Harvard.