The Economy and National Debt

U.S. Gross Domestic Product (GDP) grew at a 2.8% annualized rate over three months ending in September. That figure doubled the annualized rate of growth undertaken over the previous quarter.  Per the U.S. Bureau of Economic Analysis, “the economic expansion reflected a surge in consumer spending and the uptick in spending included purchases of housing and cars, among other items.” The US’ gross national debt topped $35 trillion for the first time. The Treasury Department said that it borrowed $234 billion from April to June, which was less than it anticipated, and that it expects to borrow $740 billion from July through September. The Congressional Budget Office (CBO) said that the U.S. debt is poised to top $56 trillion by 2034, as rising spending and interest expenses outpace tax revenue.