The US Government Adds Over Half a Trillion Dollars to National Debt in Just Three Weeks
The US government has significantly increased its debt in a short span of three weeks, adding over half a trillion dollars to its balance sheet. According to data from the government’s FiscalData platform, the country’s debt rose from $32.9886 trillion on September 14th to $33.5133 trillion on October 5th, representing a $524.7 billion increase.
Warning of a Potential Debt Crisis
Senator Cynthia Lummis expresses concern about the growing debt burden and warns that if left unchecked, it could have severe consequences for future generations. She emphasizes the need to address Washington’s spending addiction and prevent the nation from entering a debt death spiral.
Billionaire Ray Dalio Echoes Concerns
Billionaire Ray Dalio shares similar apprehensions and predicts that the US is heading towards a fiscal crisis. He believes that the speed at which this crisis unfolds will depend on supply-demand dynamics.
Current Interest Payments on Public Debt
According to the Federal Reserve Bank of St. Louis, the federal government currently pays $909.5 billion in interest on its outstanding public debt every quarter.
Hot Take: Rising US Debt Raises Concerns for Future Generations
The rapid increase in US debt raises concerns among experts and politicians alike. With Senator Cynthia Lummis and billionaire Ray Dalio both sounding alarms about America’s rising debt levels, it is evident that immediate action is necessary to curb this trend. Failure to address this issue could lead to severe consequences for future generations, potentially resulting in a debt crisis that would have long-lasting effects on the nation’s economy.
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