- Over the past two weeks, the US national debt has increased by over $572 billion, reaching a total of $32.03 trillion.
- The US debt now surpasses the combined GDP of China, Japan, Germany, and the United Kingdom, amounting to $244,000 per American household.
Over the past two weeks, the US government’s debt spiral has deepened with the addition of over half a trillion dollars. Recent data from FiscalData reveals that as of June 15th, the US national debt stood at $32.03 trillion, marking a significant rise of $571 billion since June 1st’s recorded amount of $31.46 trillion.
The current total US debt has now surpassed the combined gross domestic product (GDP) of China, Japan, Germany, and the United Kingdom, reaching a staggering $244,000 per American household. To put the interest burden into perspective, the US is now paying over $2 billion per day in interest payments alone. Even if every American household contributed $1,000 per month towards debt repayment, it would still take a staggering 20 years to eliminate the debt.
While the mounting US debt crisis has garnered increased attention from both analysts and the general public, experts widely anticipate the issue to intensify over the coming decade. Nigel Green, CEO of global financial advisory firm deVere Group, predicts that America’s debt is more likely to reach $50 trillion rather than decrease to more manageable levels. Green highlights the risk of a potential downturn, stating that if the debt continues to escalate, the US may encounter challenges in fulfilling its repayment obligations.
Renowned investor Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, has also voiced concerns about the US entering a
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“very classic late big-cycle debt crisis.”
With an excessive amount of debt that requires ongoing purchasing and high interest rates, Dalio believes that the balancing act becomes increasingly challenging over the next five to ten years.
As the US national debt continues to mount at an alarming pace, economists and financial experts urge vigilance and caution in managing this burgeoning crisis. The implications of this debt escalation are significant and could have far-reaching consequences for the US economy and its citizens.
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