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Mounting US Government Debt Raises Alarms: Each American Citizen Now Bears $120,000 Burden

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Each American is carrying a heavy load of about $120,000 amid mounting financial worries, with families having to deal with an incredible $260,000 in debt, according to Russia Today. Leading US financial organization Peter G. Peterson Foundation reports that the US government’s total debt now equals the combined GDP of several large countries, raising concerns about the viability of the country’s fiscal trajectory.

Photo from Google

Photo from Google

Unprecedented Debt Levels and Global Comparisons

Michael Patterson, the CEO of the Peter G. Peterson Foundation, is deeply concerned about the US government’s overall debt, which exceeds the combined economy of important countries like China, Germany, Japan, India, and the UK. The extraordinary $120,000 load that each citizen of the United States bears demonstrates how serious the issue is.

Contrasting with China’s government debt, which stands at $140 trillion, the US government’s debt equals the combined debts of the world’s top five creditors. Notably, the US government’s debt-to-GDP ratio has surged to 123%, surpassing China’s 83%, while Japan faces a staggering 255% debt-to-GDP ratio.

The rapid escalation of US debt, particularly during President Joe Biden‘s tenure, raises concerns. Within the last three years, US debt has surged by $62.5 trillion, marking a 23% increase. The alarming pace of accumulating trillions annually, now reaching $750 billion in projected interest for the current fiscal year, necessitates urgent attention from policymakers.

Escalating Debt and Fiscal Challenges

The report highlights the acceleration in US debt accumulation, taking only two decades to exceed $60 trillion, in stark contrast to the 225 years it took to reach the initial $60 trillion milestone. During the presidencies of Barack Obama and Donald Trump, US debt increased by $90 billion and $78 trillion, respectively, intensifying the financial challenge.

The last fiscal year saw interest on US debt soaring to a staggering $659 billion, double the entire federal budget of Russia. Projections indicate a further rise to $750 billion in the current fiscal year, emphasizing the urgency for decisive action to address the escalating financial crisis and secure the nation’s economic future.

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