On 7/31/2019, the national debt was at $22.022 trillion.
On 10/31/19, the national debt was at $23.008 trillion.
Ok, that is only $986 billion, but we should hit the $23.022 trillion within a few days.
The real question is, where did this money come from?
1. Intragovernmental liabilities increased from $5.811 trillion to $6.027 trillion, an increase of $216 billion.
2. The Federal Reserve balance sheet increased from $3.779T to $4.067T (as of 10/30/19), an increase of $288 billion.
3. The balance came from selling bonds to the private sector and foreigners. It was $482 billion.
When was the national debt at $11.5 trillion, half of the current number? On 7/6/2009, it was at $11.520 trillion. So it took slightly more than 10 years to double it. So if current trends continue, it should be at $46 trillion in 10 years, call it 12/31/2029.
We should hit $24 trillion in about 8 months, or by June 30, 2020.
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Update (11/18/19): This didn't actually exceed the $23.022 until 11/15/19, when the total was $23.043 trillion. But now the Intragovernmental Holdings has dipped slightly below $6 trillion. So I will wait until it is back above $6 trillion to celebrate and announce a new milestone.
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Update 2: Just to be clear, the Debt Held By the Public exceeded $17 trillion on 11/7/19. On the same day, the Total Public Debt Outstanding first exceeded $23 trillion.
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