US hits $38 trillion in gross national debt
The U.S. government's gross national debt has surpassed $38 trillion during the federal shutdown, marking a record high. This rapid debt accumulation is the fastest outside of the COVID-19 pandemic, with the debt having reached $37 trillion in August. The Treasury Department's latest report, issued Wednesday, highlights these figures. Experts warn that rising debt can lead to higher inflation, eroding purchasing power and increasing borrowing costs.
Taxes, Spending & Debt: Is America Going Broke? | Civics Made Easy
US national debt reaches $37 trillion
The U.S. government’s gross national debt has surpassed $37 trillion, setting a new record. This highlights the rapid acceleration of debt on America’s balance sheet and the increasing cost pressures on taxpayers. The Treasury Department reported this update on Tuesday. The national debt reached this level years sooner than pre-pandemic projections due to heavy borrowing during the COVID-19 pandemic. Experts warn that the growing debt could lead to reduced living standards and increased interest rates. The Joint Economic Committee estimates another trillion dollars could be added in about 173 days.
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The deficit myth: modern monetary theory and the birth of the people's economy
(2020) : Stephanie Kelton
isbn: 9781541736207
#debt #deficit_myth #economics #inflation #modern_monetary_theory #national_debt #policy #trade#my_bibtex
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