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Capitalism Run Amok: US National Debt at $21 Trillion

© AP Photo / Jacquelyn MartinTreasury Secretary Steven Mnuchin, right, and his wife Louise Linton, hold up a sheet of new $1 bills, the first currency notes bearing his and U.S. Treasurer Jovita Carranza's signatures, Wednesday, Nov. 15, 2017, at the Bureau of Engraving and Printing (BEP) in Washington.
Treasury Secretary Steven Mnuchin, right, and his wife Louise Linton, hold up a sheet of new $1 bills, the first currency notes bearing his and U.S. Treasurer Jovita Carranza's signatures, Wednesday, Nov. 15, 2017, at the Bureau of Engraving and Printing (BEP) in Washington. - Sputnik International
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The US, the world’s leading debtor nation, has reached another questionable milestone in its seemingly headlong rush into economic oblivion.

The combined debt of the United States has topped $21 trillion for the first time, according to government statistics, following an announcement a mere six months ago that the debt had hit $20 trillion for the first time.

In this July 18, 2012, file photo, a pedestrian walks past credit card logos posted on a downtown storefront in Atlanta. After a stint of frugality, Americans have returned to their borrowing ways. But are they getting into the kinds of debt trouble that lead to recessions? In 2017, U.S. consumers now owe roughly $12.73 trillion to banks and other lenders for mortgages, car loans and credit card spending, according to the New York Federal Reserve. That exceeds even the total before the last financial crisis. - Sputnik International
Unregulated Capitalism at Work: US Credit Card Debt Hits $1 Trillion

US President Donald Trump in February signed a letter to end the suspension of debt-limits, which now permits unlimited borrowing until March 1, 2019, according to Marketwatch.com.

While a much wider US budget deficit is predicted by economists following the new December 2017 Trump tax cut, the rapid pace of large-scale borrowing has surprised many, as Washington's February $215 billion deficit is up 12 percent from the same month last year.

The unprecedented debt figure is only the beginning, claimed
Peter Peterson, an investment banker and former United States Secretary of Commerce under US President Richard Nixon.

"Our national debt reached a staggering $21 trillion today, having grown by $1 trillion in just the past six months," Peterson noted, according to the Washington Examiner.

"Worse yet, this unfortunate milestone has only just begun to include the effects of the recent fiscally irresponsible tax and spending legislation, which added more debt on top of an already unsustainable trajectory."

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