US Debt up $162 Billion in Three Days; now 98.9% Debt/GDP

The US government is on a spending spree.

Quoting the anonymous writer who comes by the name of Tyler Durden of the Zero Hedge (bold highlights original)

total debt is now at, obviously, a new record high of $14,856,859,498,405.73, which is a $20 billion increase overnight, $67 billion in the past two days, and $162 billion in the last three days. We will repeat the last part: total US debt has increased by $162 billion in three days. Said otherwise, total US Debt/GDP is now 98.9%.

Politicians and their allies believe they can spend their way to prosperity. They believe in the Santa Claus principle.

They have to be reminded that, to quote Ludwig von Mises,

An essential point in the social philosophy of interventionism is the existence of an inexhaustible fund which can be squeezed forever. The whole system of interventionism collapses when this fountain is drained off: The Santa Claus principle liquidates itself.

In a world of scarcity, there is simply no such thing as a free lunch. Eventually markets will expose such tomfoolery.