The US national debt has surged by nearly a trillion dollars in just one month.
The latest numbers from FiscalData show that on June 2nd of this year, the total public debt outstanding of the country stood at $31.467 trillion.
A month later, on June 30th, that figure rose to $32.332 trillion, an eye-popping increase of $865 billion.
The sharp growth in US debt over a 28-day time frame is larger than the combined gross domestic product (GDP) of three large global economies.
Data from the World Bank shows that Hong Kong’s GDP hovered at $359.83 billion as of 2022. In the same year, Finland registered a GDP of $280.82 billion, while Greece’s economy produced $219.06 billion.
In total, the three economies produced $859.71 billion in wealth last year, a figure that’s lower than the debt accumulated by the United States in four weeks.
Last month, the Congressional Budget Office (CBO) released a report that projected US debt will dramatically outpace GDP growth, and it will be worth nearly three times the country’s GDP in three decades.
The CBO predicted that by 2053, US GDP will rise to $79.5 trillion with debt meteorically ascending to $143.895 trillion.
According to the federal agency, the hemorrhaging US debt will likely have detrimental effects on the US economy.
“Such high and rising debt would slow economic growth, push up interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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