US debt stands at $34 trillion; forecasted to hit $3 trillion by 2030
The US’ mounting debt structure currently stands at a staggering $34 trillion, according to the US National Debt Clock, Cryptoslate reported.
An escalating annualized interest accompanies this steep climb on the federal debt that exceeds $1 trillion and is projected to break through the $3 trillion threshold by Q4 2030, according to E J Antoni, an economist at Heritage & Comm4Prosperity.
Further compounding the issue, the US grapples with a structural deficit. As indicated by analyst Joe Consorti, the federal deficit is worrying at -6.460 percent of the GDP, Cryptoslate reported.
This signifies that government expenditure significantly surpasses its revenue. While the deficit witnessed during COVID-19 induced peak at -15 percent, it has since lowered to -6.4 percent, offering a glimpse of the government’s financial health.
The US national debt has seen a startling increase of $6.7 trillion in just three years, closing in on a staggering $34 trillion, up from $27.3 trillion in December 2020, Cryptoslate reported.
This surge raises critical concerns about the nation’s fiscal health and economic sustainability. According to Bank of America (BofA) research, the debt to GDP ratio is approximately 100 percent, which parallels the unprecedented levels seen during World War 2.
[With Inputs from IANS]
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It is peanuts. USA can print 10 times more currency than its entire debt in less than week days. Nothing to worry. US $ will remain as the reserve currency. Further, if anyone raises questions (beware) on its net worth, USA would do carpet bombing of that nation. USA has Libya + Iran + Iraq oil reserves (including those in unexplored oil reservoirs) to sell & cash it in less than 7 working days & clear all debts
Further, it can ask European nations to pay for NATO security arrangements to clear its debts. It will ask Russia to frighten European nations to increase its own NATO fees / charges.
USA has 1000000 ways to hold world to ransom & clear its debt. It can also depreciate its currency by 50% to scare China, Japan, Russia & India, who invested in its treasury bonds for many decades.