It has been revealed the fact that there’s a boom in the US, following loads of money are added to the US debt. Check out the following reports below.
US debt increases
In a span of just 15 days, the US government’s national debt has increased by over $100 billion, according to the latest data from the government’s FiscalData system.
Starting from $33.637 trillion at the beginning of November, the debt has now reached $33.740 trillion as of November 16th.
This alarming increase comes as the Heritage Foundation, a conservative think tank based in Washington, warns about the country’s financial condition.
EJ Antoni, a member of the foundation, has criticized the Biden administration for ignoring the warnings from rating agencies and spending money at an alarming rate that even “drunken sailors” would be ashamed of.
“The world is waking up to a stark reality that could affect tens of millions of Americans: The federal government may be unable to pay its bills sooner rather than later.
The financial situation is deteriorating so rapidly that the outlook on US debt was downgraded a few days ago. That change was long overdue and highlights just how dangerous the situation is becoming for taxpayers and bondholders alike – including anyone with retirement funds.”
Antoni points out that the annual interest on federal debt has surpassed the $1 trillion mark and is climbing rapidly. He is of the opinion that a point of no return is approaching.
The interest expense on the debt is now the third-largest expense of the federal government, behind only the Social Security Administration and the Department of Health and Human Services.
It will soon surpass them as it continues to snowball out of control. It is becoming increasingly clear that the government will eventually be unable to repay its debt.
Stay tuned for more news from the financial space.
