The US national debt has hit a record $35 trillion, with an average monthly increase of $280 billion since 2020.
The U.S. national debt surpassed $35 trillion this week for the first time. Additionally, the federal debt of the United States has increased by approximately $12 trillion since 2020.
To provide context, the United States has accrued an average of $280 billion in federal debt each month since January 2020.
The Kobeissi Letter on July 30 observed that the country currently has approximately $105,000 in federal debt per person residing in the United States. The letter then asked, “How can this possibly end well?”
Kamala Harris and Donald Trump, the nation’s foremost presidential candidates, have infrequently addressed the nation’s substantial deficits during their campaigns. This implies that debts will continue to increase over the next four years.
The projected sum of the federal debt is $46 trillion by 2028, as per usdebtclock.org. The crisis was addressed in the Kobeissi Letter:
“Every year, there are calls for spending cuts and they never happen. The debt ceiling crisis never truly ended, it was simply swept under the rug.”
The Congressional Budget Office predicts that the national debt will surpass $56 trillion by 2034 because tax revenue is not keeping pace with the increase in expenditure and interest expenses.
The debt mountain in the United States has been rendered challenging to reduce due to the persistently high interest rates and Social Security and Medicare expenditures.
Michael Peterson, the chief executive of the Peter G. Peterson Foundation, which advocates for fiscal restraint, stated to the New York Times, “We cannot continue to deny that this is a problem.”
