The US government’s gross national debt has reached a historic high of $34 trillion, indicating forthcoming challenges to address America’s economic situation. (Photo credit: AP)
2. Understanding US National Debt
The national debt encompasses all outstanding borrowing by the US federal government throughout its history, owed to both external creditors and domestic lenders. (Photo credit: AFP)
3. Debt Surpasses Projections by 5 Years
Surpassing pre-pandemic projections, the $34 trillion mark was reached years earlier than anticipated in the January 2020 projections by the Congressional Budget Office. (Photo credit: AP)
4. Debt Exceeds Top Economies Combined
To comprehend the enormity, the US debt now surpasses the combined GDP of major economies such as China, Japan, Germany, India, and the UK. (Photo credit: Reuters)
5. $3 Trillion Increase Since June
Since 2013, America’s debt has more than doubled, witnessing a sharp rise of almost $3 trillion since the government suspended the debt ceiling in June. (Photo credit: AP)
6. $2 Billion Spent on Interests Every Day
The bipartisan Peter G Peterson Foundation reveals that the US government spends nearly $2 billion daily solely on debt interest payments. (Photo credit: Reuters)
7. Interest Payments to Surpass Key Investments
Projections indicate that in the next decade, interest payments alone may surpass combined expenditures on research and development, infrastructure, and education. (Photo credit: AP)
8. Shared Blame?
Various factors contribute to the accelerated rise in debt, including extensive borrowing post-pandemic to stabilize the economy and inflation-driven interest rate increases. (Photo credit: AP)
9. Factors Fueling Escalating US Debt
The increasing debt is attributed to a disparity between federal spending and revenues, influenced by factors such as an aging baby boomer generation and rising healthcare costs. (Photo credit: Agencies)
10. Postponed Talks: Debt Ceiling Uncapped for 2024
The Fiscal Responsibility Act of June 2023 leaves the national debt ceiling uncapped for 2024, deferring long-term solutions and discussions on the nation’s debt burden until 2025, post the next presidential election. (Photo credit: AFP)
