The Public debt hits $24 Trillion

 On 8/9/2022, the public debt hit $24,027.

It first hit $23 trillion on 12/28/21, and $22 trillion on 4/29/21.  So about every 8 months it goes up another trillion.

When did it first hit $12 trillion?  On 10/17/13.  So the doubling time on this slightly less than 9 years.  At this rate, it will hit $48 trillion by 8/1/2031.  Who cares?  Well, I theorize that there is an absolute limit before the whole thing explodes, and that limit is about $85 trillion and we should hit it about 2043.  So anything we can do to push this out is good.

Unfortunately, if we go into another recession, which we might by the beginning of next year, the only tool the economists know is more spending.  So there could be another $5 trillion spending bill in 2023 or 2024, which will increase the debt dramatically and move the day of reckoning up.