If only I'd known how easy it is to just cut and paste ....
Federal Budget Deficits: To $30 Trillion And Beyond
The first estimate of that number will come out in late October, shortly before the Nov. 3 election. Both parties in Congress will want to see it positive. Care to bet we don’t see another stimulus package?
We could have 2020 and 2021 deficits of a combined $6 trillion-plus. Add off-budget spending, and we should see $30 trillion total national debt by the end of 2021.
I naïvely projected total national debt to be $39 trillion by 2030. See, I keep telling you I’m an optimist.
We will be in that $40 trillion range somewhere around 2026-‘27.
We are experiencing a practice round for The Great Reset. Sometime late this year or early next, we need to look at what happened and then think what it will look like in the late 2020s.
www.forbes.com/sites/johnmauldin/2020/04/02/federal-budget-deficits-to-30t-and-beyond/
The U.S. Is About to Vastly Increase Its Debt. That’s a Good Thing.
The case is strong for spending a large amount of money in the short term to fend off worse economic woes down the road.
“At this stage, the government can’t be preoccupied with deficits,” he said. “The downside risk of an inadequate response is much more severe.”
“Public debt levels will have increased,” Mario Draghi, the former president of the European Central Bank, said in an essay published this week in The Financial Times. “But the alternative — a permanent destruction of productive capacity and therefore of the fiscal base — would be much more damaging to the economy and eventually to government credit.”
www.nytimes.com/2020/03/27/upshot/stimulus-national-debt-coronavirus.html
UK debt now larger than size of whole economy
The UK's debt is now worth more than its economy after the government borrowed a record amount in May.
The £55.2bn figure was nine times higher than in May last year and the highest since records began in 1993.
The borrowing splurge sent total government debt surging to £1.95trn, exceeding the size of the economy for the first time in more than 50 years.
Chancellor Rishi Sunak said the figures confirmed the severe impact the virus was having on public finances.
"The best way to restore our public finances to a more sustainable footing is to safely reopen our economy so people can return to work.
"We've set out our plan to do this in a gradual and safe fashion, including reopening high streets across the country this week, as we kickstart our economic recovery," he added.
Income from tax, National Insurance and VAT all dived in May amid the coronavirus lockdown as spending on support measures soared.
This is the first time debt has been larger than the size of the economy since 1963, but it is not as high as the post-war peak of 258% in 1946-47.
www.bbc.co.uk/news/business-53104734
China debt: how big is it, who owns it and what is next?
The Institute of International Finance (IFF) estimated that China’s total domestic debt hit 317 per cent of gross domestic product (GDP) in the first quarter of 2020, up from 300 per cent in the last quarter of 2019 – the largest quarterly increase on record.
China’s National Institution for Finance and Development, a government-linked think tank, put the nation’s overall debt at 245.4 per cent of GDP at the end of 2019, up 6.1 percentage points from the previous year.
China’s consumer debt is the fastest growing segment of overall debt, particularly in the form of mortgage and consumer loans. Household debt rose to 54.3 per cent of China’s GDP in the last quarter of 2019 compared to 51.4 per cent in the last quarter of 2018, according to Institute of International Finance.
China’s foreign debt, including US dollar debt, reached US$2.05 trillion at the end of 2019, compared to US$2.03 trillion in the previous quarter, according to China’s State Administration of Foreign Exchange.
www.scmp.com/economy/china-economy/article/3084979/china-debt-how-big-it-who-owns-it-and-what-next