The enormous pile of America’s national debt has reached a bleak new stage.
Total US federal debt has just broken a record high register $39.5 trillion, according to the Treasury Department’s debt to Penny Database.
This means an increase of about $3.2 trillion over the past 12 months. Notes Capital Markets Analyst Adam Kobeissi.
“Since 2020, US federal debt has now risen a whopping $16.3 trillion. This represents an average annual increase of +$2.5 trillion, or +$209 billion per month.
At this pace, total US debt will rise to $50 trillion before 2030. There is no end in sight to the US debt crisis.
Last month, the US Government Accountability Office (GAO) issued a stark warning in its annual report on the country’s fiscal health, urging immediate and sustained action.
Government Accounting Office He says The federal government’s unsustainable fiscal path poses serious economic, national, and societal challenges.
“If current spending and revenue policies continue, the country’s fiscal outlook is expected to deteriorate further, as debt accumulates at a faster rate than the economy is growing.
The GAO projects that under current revenue and spending policies, public debt will reach a historic high of 106% of GDP by 2029 and grow to 251% of GDP in 2056.
The GAO notes that interest spending already exceeds defense spending and is set to continue to rise, with risks including higher borrowing costs for households and businesses, slower wage growth and reduced government resilience to future crises.
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