America’s ever-growing mountain of debt is now growing at an alarming pace, according to new figures from the US Treasury.
The agency’s “1 sen debt” database show The national debt grows by about $1 trillion every 100 days.
That’s a staggering $10 billion per day, $416.67 million per hour, $6.94 million per minute, and $115,740 per second.
America’s total public debt now stands at $34.46 trillion, up from $34.39 trillion just one week ago.
The new data came amid a warning from Wharton professor Joao Gomez. To tell The good news is that soaring debt could derail who wins the race for the White House.
“We’re going to have to deal with this towards the second half of the decade, which frankly could derail the next government. If they come up with a plan, the market could rebound.
Interest rates could skyrocket and there will be a crisis in 2025. There’s a good chance that it will happen. I am very confident that we will somehow get there by the end of the decade. ”
Late last year, Moody’s reduction The outlook for the US credit rating has changed from “stable” to “negative,” mainly due to political deadlock in Congress.
“In Moody’s view, this political polarization is likely to continue. As a result, we can halt and reverse the rise in deficits through measures such as increasing government revenues and reforming entitlement spending. It appears extremely difficult to build political consensus around a comprehensive and credible multi-year plan to
This week, President Biden fleshing out A proposal to reduce debt by $3 trillion by increasing taxes on corporations and billionaires.
The plan is unlikely to pass because Republicans currently have a majority in the House.
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