The U.S. debt is spiraling out of control, with the national debt increasing by $1 trillion every 100 days. That’s a whopping $10 billion per day, $416 million per hour, $6.9 million per minute, and $115,740 per second.
As of today, the total outstanding public debt stands at $34.46 trillion. This rapid increase has raised concerns among experts, who warn that it could have serious consequences for the country.
Potential Consequences
Wharton professor Joao Gomes warns that the spiraling debt could “derail” the next administration. He says that if the government implements large tax cuts or fiscal stimulus, the markets could rebel, leading to a spike in interest rates and a crisis in 2025.
Moody’s has also downgraded its US credit rating outlook to “negative” due to political gridlock in Congress. The agency believes that it will be difficult to reach a consensus on a plan to reduce the deficit.
Biden’s Proposal
President Biden has proposed reducing the debt by $3 trillion by increasing taxes on corporations and billionaires. However, with Republicans currently in control of the House, the plan is unlikely to pass.
Conclusion
The U.S. debt is growing at an alarming rate, and it is becoming increasingly clear that the country cannot continue on this path indefinitely. Experts warn that the debt could have serious consequences for the economy and the country’s future.
