US Lawmakers Warn of Escalating National Debt
A group of US lawmakers, including Senators Mitt Romney and Joe Manchin, and Representatives Bill Huizenga and Scott Peters, have raised an alarm about the escalating national debt of the United States. They deemed it the “greatest threat” the country is facing.
Verdiction of National Debt
In a published opinion piece on The Hill, the group of lawmakers argued that this burgeoning fiscal challenge is imperiling the future prospects of the American Dream, particularly for younger generations. The U.S. national debt has surpassed the $34 trillion mark after rising by more than $82 billion since the beginning of January.
National Debt Crisis
The country’s national debt is now above $100,000 per citizen, and $264,000 per taxpayer, with the official U.S. Federal budget deficit now sitting at $1.75 trillion according to tracking data.
Urgent Attention Needed for National Debt
The article suggests that the current increase in the country’s national debt is unsustainable and demands immediate attention as the “greatest threat” the country is currently facing, rapidly approaching the crisis point.
Proposal from Lawmakers
The lawmakers proposed the establishment of a bipartisan fiscal commission to find solutions to strength the country’s fiscal health and “meaningfully decrease the national debt.”
Proposed Cuts to Social Security
Should the status quo remain, Social Security will become insolvent in less than a decade, resulting in an automatic cut in benefits by 24 percent, according to the lawmakers.
Consequences of National Debt
Analysis suggests that the US is facing a “debt death spiral”, and the Federal Reserve may have to resume its money printing, possibly causing the U.S. dollar to crash and boosting the price of the flagship cryptocurrency as it competes with gold.
Global Debt on the Rise
Global debt has surged to a staggering $307 trillion after increasing more than $10 trillion in the first half of the year, according to the Institute of International Finance.
Hot Take: Analysis of Global Debt
Global debt has reached record levels, and with the considerable acceleration in the U.S. national debt, urgent action is needed to address the situation before it becomes unsustainable.
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