US Debt Skyrockets by Nearly a Trillion Dollars in a Single Month.
The US national Debt has experienced an astonishing surge, skyrocketing by almost a trillion dollars within a mere 28-day span. Recent data released by FiscalData reveals that on June 2nd of this year, the country’s total public debt outstanding stood at a staggering $31.467 trillion.
Fast forward to June 30th, and that figure had ballooned to an astonishing $32.332 trillion, representing an eye-popping increase of $865 billion in just one month.
To put this into perspective, the exponential growth in US debt over such a short timeframe exceeds the combined gross domestic product (GDP) of three major global economies.
According to data sourced from the World Bank, as of 2022, Hong Kong’s GDP amounted to $359.83 billion, while Finland registered a GDP of $280.82 billion. Similarly, Greece’s economy produced $219.06 billion in the same year.
In total, these three economies generated $859.71 billion in wealth throughout the previous year. Astonishingly, this figure falls short of the debt accumulated by the United States within a mere four weeks.
Alarming projections were recently highlighted by the Congressional Budget Office (CBO) in their report, which forecasts that US debt will outpace GDP growth at an alarming rate, reaching nearly three times the country’s GDP within the next three decades.
The CBO predicts that by 2053, US GDP will climb to an estimated $79.5 trillion, while the debt is projected to meteorically ascend to a staggering $143.895 trillion.
The analysis conducted by the federal agency suggests that the escalating US debt poses a significant risk to the nation’s economy, potentially leading to detrimental effects.
The continuously mounting debt levels pose significant risks to the fiscal and economic outlook, slowing down economic growth and resulting in increased interest payments to foreign holders of US debt. Moreover, it could also potentially limit lawmakers’ policy choices due to the growing constraints imposed by the escalating debt burden.
