The US national debt exceeds $30 trillion for the first time in history

Photo: QuinceCreative / Pixabay

February 2, 2022, by American post

Total U.S. Public Debt Outstanding Now Exceeds $30 Trillion according to data from the Treasury Department. Debt interest costs alone are projected to exceed $5 trillion over the next 10 years.

Government borrowing accelerated during the COVID-19 pandemic as Washington spent aggressively to cushion the economic crisis. The national debt has increased by about $7 trillion just since the end of 2019.

Although economists remain divided on how serious this problem really is, the timing of this record is sensitive, as borrowing costs are expected to rise soon.

And it is that, after many years of having very low-interest rates, the Federal Reserve is increasing them to counteract inflation. The Federal Reserve plans to launch its first series of rate hikes since 2015.

“It doesn’t mean a crisis in the short term, but it does mean we’ll be poorer in the long term,” said David Kelly, chief global strategist at JPMorgan Asset Management, according to CNN.

What Kelly meant was that higher borrowing costs will make it more difficult to service the country’s debt.

Interest costs alone are projected to exceed $5 trillion over the next 10 years and will equal nearly half of all federal revenue 2051according to the Peter G. Peterson Foundation, which is an organization focused on raising awareness of the tax challenge.

David Kelly also said rising borrowing costs will limit the amount of money the government can spend on other priorities, such as initiatives to combat climate change.

The federal government owes almost $8 billion to foreign and international investors, led by Japan and China. Money that will eventually have to be paid back, with interest.

Included in the $30 trillion national debt figure is the money the government owes to itself. This is debt held in Social Security and other government trust funds. The so-called intra-governmental holdings total more than $6 trillion.

You may also like:

– “We had a rope around our necks”: 7 keys to the agreement between Argentina and the IMF to refinance the enormous debt of the South American country

– IMF cuts the growth forecast for the world economy from 4.9% to 4.4%

– California government will pay university students $10,000 for a year of volunteer work and could replicate the program throughout the country

Source-eldiariony.com

COPYRIGHTS

Copy & Paste the link above for Yandex translation to Norwegian.

WHO and WHAT is behind it all ? : >

The bottom line is for the people to regain their original, moral principles, which have intentionally been watered out over the past generations by our press, TV, and other media owned by the Illuminati/Bilderberger Group, corrupting our morals by making misbehavior acceptable to our society. Only in this way shall we conquer this oncoming wave of evil.

Commentary:

Administrator

HUMAN SYNTHESIS

All articles contained in Human-Synthesis are freely available and collected from the Internet. The interpretation of the contents is left to the readers and do not necessarily represent the views of the Administrator. Disclaimer: The contents of this article are of sole responsibility of the author(s). Human-Synthesis will not be responsible for any inaccurate or incorrect statement in this article. Human-Synthesis grants permission to cross-post original Human-Synthesis articles on community internet sites as long as the text & title are not modified

Total U.S. Public Debt Outstanding Now Exceeds $30 Trillion according to data from the Treasury Department. Debt interest costs alone are projected to exceed $5 trillion over the next 10 years.

Related Posts: