U.S. National Debt Tops $35 Trillion On Monday, Revealing The U.S. Is Heading For A Financial Collapse

Tuesday, July 30, 2024, 9:30 A.M. ET. 2 Minute Read, By Jennifer Hodges: Englebrook Independent News,

WASHINGTON, DC.- On Monday, the United States Federal government’s total debt topped $35 trillion, another grim milestone that the country may be heading for a financial collapse if unnecessary spending does not end.

     The U.S. House Budget Committee said the total debt has increased by $2 trillion so far this year and is expected to climb by another $1 trillion by election day. As of yesterday, the National Debt Clock reported that the federal debt per U.S. citizen has climbed to just around $104,550.

     So far, in fiscal 2024, the federal government has spent just over $5.02 trillion, not only on average government spending but also on various new programs supporting the American public. As of July 26, 2024, the U.S. government has only collected around $3.75 in tax revenue for fiscal 2024, which reveals a 10 percent increase from the same period in 2022. 

     The U.S. Treasury Fiscal Data has revealed that as of the end of June 2024, it cost slightly over $868 billion to maintain the National Debt, which accounts for just a little over 17 percent of the total fiscal spending in fiscal 2024. 

     Republicans and some Democrats have continued to sound the alarm on the increasing national debt, with the debt first breaking $1 trillion in 1981.

     U.S. House Budget Committee Chair Jodey Arrington (R-TX.) said on Monday, “Today we grieve yet another dubious milestone in the fiscal decline of the most powerful and prosperous nation in history. President Reagan’s 34 trillion dollars ago words still hold true today.”

     “We don’t have a trillion-dollar debt because we haven’t taxed enough. We have a trillion-dollar debt because we spend too much,” Reagan said in 1981.

     As the U.S. continues to teeter on the edge of a total financial collapse, it’s becoming evermore apparent that the continued printing of money funding programs put forward by progressive Democrats must be pulled back. U.S. citizens can no longer continue to pay for wasteful climate change spending and continue to pay for programs for non-citizens who are not contributing to the U.S. tax base.

     As Republicans and Democrats continue to point fingers to shift blame, one thing is for sure: we may have gone too far over the cliff to stabilize our debt. But another thing is for sure: if Kamala Harris is elected President in 2024 and the Democrats maintain power in the Senate and gain control of the U.S. House of Representatives, the U.S. will cease to exist as we once knew it.