It has been revealed the fact that more than $57 billion have been added to the US debt. Check out the latest reports about this below.
More than $57 billion added to the US debt
According to the latest data from the government’s FiscalData platform, America’s public debt is increasing rapidly. In just four days, it has risen by $57.2 billion.
The total debt surpassed $32 trillion on June 16th and has now increased by an additional $590 billion as of July 20th.
In a recent interview on Bloomberg TV, billionaire investor David Rubenstein stated that inflation is the only way for the US to tackle its mounting debt, but this could worsen income inequality in the country.
He said that when he worked at the White House during President Carter’s administration, the United States owed less than $1 trillion, around $800 billion. However, today the total debt is around $32 trillion.
Unfortunately, there is no easy solution to this problem, and the only viable option is to inflate our way out. We cannot cut government expenses, increase taxes, or resort to a bailout or default.
Inflation is the only feasible alternative. However, this will negatively impact lower-income individuals who will struggle more with inflation than wealthier individuals.
According to Rubenstein, the economic situation in America is creating a growing divide between wealthy individuals and those who are not as financially secure.
The primary concern is the conflict between those who have more and those who have less. Specifically, in the Western world, this conflict will likely occur between older and younger generations.
As people continue to live longer, retirement benefits may not be enough to meet their expectations or needs. Younger individuals may feel reluctant to work harder to support an older generation’s retirement when they themselves may not have the same financial security in the future.
Stay tuned for more news about the issue.
