The public debt of the United States has approached $36 trillion, with the latest trillion accumulated almost twice as fast as the previous one, the RIA Novosti news agency reported, citing data from the US Finance Ministry.
By the end of January 2022, the federal government’s debt was just over $30 trillion, taking eight months to add each additional trillion. U.S. government debt reached $33 trillion and $34 trillion at record pace – taking just three months each. And the growth to the 35 trillion mark slowed down and took seven months.
Today, the growth rate of the U.S. national debt has accelerated again: if the 35th trillion was formed in 211 days at an average rate of 0.014 per cent per day, the 36th trillion is growing daily by 0.025 per cent. That is, every day the debt increases by about $8.7 billion instead of the previous $4.8 billion.
Under current economic conditions and in the absence of commitments, the $36 trillion mark will be reached in mid-November.
The main reason for the accumulation of such debt is the constant deficit of the US budget. The last time a sustained surplus was observed from 1920 to 1930, and during the next 40 years the budget was in surplus only eight times. The first period of excess of federal spending over revenues began in 1970 and lasted 28 years, until 1998, when the country was able to get a small surplus, which lasted four years.
Recall, earlier the channel News Nation said that the inhabitants of the United States have more debts than ever before in history. Today, the cost of living for the average American has increased by 14 per cent, and the total debt of American citizens has reached $17 trillion.
