The U.S. national debt now rising by $1 trillion every 100 days

Way back in the year 1981, some 43 years ago now, there was outrage in October as the United States national debt reached $1 trillion for the first time ever. People were angry and thought it could never get worse. Then by the end of Ronald Reagan's term, it was hanging around 3 trillion. Now in 2024, the national debt is almost 30 times that.

The Biden Administration continues its reckless overspending, with no plans to pay off the debt, and now it is growing at a rate of $1 trillion every 100 days. It is almost an unfathomable number in such a short amount of time.

Economist Hank Lewis says this has more implications than just being a large number.

"It shows how much inflation has eroded the buying power of the dollar, combined with how much government is borrowing and spending," he says. "When you have a big economy like this...it is a problem."

It can also have further reached effects than just devaluing our purchasing power.

"The dollar is used heavily as a reserve currency...and oil is priced in dollars," he says. "If the national debt gets this high up...they could switch to another currency, which will make the price of oil more volatile."

That just one of many things than can be impacted.

The scale could be much larger too, if we continue down this path of recklessness.

"Given how interconnected global economies are...this is building up a house of cards...where you keep kicking it down the road...sooner or later, you will have a negative impact," he says.

But we have reached a point where America's outrageous borrowing has some countries depending on it. China alone makes over $100 billion a year on interest alone from US debt to them.

We could pay off the debt on our own. We have enough resources to sell off drilling rights, and minerals, to begin making a dent in the problem. But we refuse to because it could cause massive instability both environmentally, and politically.

"Many of these countries that count on that...if the US starts buying off tat debt, they will lose a major source of revenue," Lewis says.

Other countries that benefit include Mexico, South Korea, Russia, and Australia.

Americans need to start paying attention, too.

"People need to look at who they are voting for in Congress...and raising heck about this," he says.

If we do not begin chirping about it soon, then we will begin feeling the impacts ourselves.