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To expect national debt tops $22 trillion, a further increase, with baby boomer retirements

nearvideo national debt hits $22 Billion

The national debt — the total number of annual budget deficits — has reached a new milestone, topping $22 Billion for the first time.

The Treasury Department’s daily statement showed on Tuesday that the total number of the outstanding public debt is $22.01 trillion US dollars.

It was 19,95 US $trillion when President Trump takes office on Jan. 20, 2017.

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The debt increases since the passage of Trump, the $1.5 trillion tax cut in December 2017, and the measures taken by the Congress last year to increase spending on domestic and military programs.

However, the US government, the debt has been increasing for decades: In 1989, it stood at $3.1 trillion in 1999 to $5.6 Billion; and in 2009: $11.9 trillion dollars.

Republican John Kasich, a former Ohio Governor, sent out a tweet of a surprise Tuesday evening, showing a photo of him in front of a debt clock: “The photo was taken, Feb. 3, 2016, during the election campaign in New Hampshire. Our national debt has swelled to $22 trillion US dollars in this time. This is $3 trillion more in just three years! This is out of control.”

In December, Kasich told Fox News that he was “actively considering” mounting a primary challenge from Trump in the 2020 election.

The Congressional Budget Office (CBO) projects that this year the deficit by $897 billion, up from last year to $779 billion euros.

In the coming years, the CBO said, the debt is expected to continue to rise, top $ 1 trillion annually starting in 2022, and never fall below $1 trillion by 2029.

Much of the increase will come from the installation costs for the financing of Social security and Medicare as the large generation of the baby Boomer generation passes through retirement.

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The Trump administration claims that its tax will be pay cuts for themselves by goosing economic growth. The projection was disputed by some economists.

In spite of the increasing national debt, many economists say they believe that the risks remain low and point to current interest rates remain unusually low by historical standards.

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Still, some budget experts warn that the ever-rising public debt poses significant risks for the government, because it could make it more difficult to respond to a financial crisis through tax cuts or spending increases.

The Associated Press contributed to this report.

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