The US government’s rapidly increasing national debt has ballooned to more than $100,000 per capita.
according to data According to the Peter G. Peterson Foundation, America’s national debt stands at $34.15 trillion, or about $101,591 per capita.
Rising revenues have not offset the sharp rise in debt, leading to widening deficits. the current Debt outstanding so far in 2024 is $509 billion, or 122.8% of GDP.
Former Treasury Secretary Robert Rubin said in an interview with Bloomberg. To tell The US is in a “terrible state” fiscally, suggesting there is virtually no choice but to raise taxes to deal with the deteriorating financial situation.
“The risks are enormous, and some of them are already materializing, such as rising interest rates…
Looking forward, we have to deal with both spending and taxes…Realistically, I think the main things we need to do are: [rely on raising taxes]”
Rubin estimates that about 60% of all deficits fueled between 2000 and 2022 are a result of tax cuts.
But former officials said a resolution to the debt crisis has been stalled by a political deadlock with Republicans opposing tax increases and Democrats opposing entitlement cuts.
“There’s a lot of debate, but politically it’s always divided between Republicans who refuse to raise taxes and Democrats who don’t accept entitlements.”
Rubin said he expects Washington to address the deficit after the November election, but added: “I’m not going to bet on that.”
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