US public debt surpasses staggering milestone

US national debt surpasses $35 trillion - Illustration: Bloomberg.

The U.S. national debt has officially surpassed $35 trillion, according to an announcement from the House Budget Committee on July 30. Committee Chairman, Rep. Jodey Arrington (R-TX), called the development an “alarming milestone,” and called for increased fiscal responsibility and spending control to address the rapidly growing public debt.

“Today we witness another disturbing milestone in the financial decline of the most prosperous nation in history,” Arrington said in a statement, expressing hope that Republicans will be able to ease the situation if Donald Trump wins in November.

The US debt has skyrocketed in recent years under the leadership of President Joe Biden and his predecessor, President Donald Trump. When Trump left office, the debt had increased by $8.4 trillion to $27.7 trillion, with more than half of the borrowing related to measures to deal with the Covid-19 pandemic.

That trend has continued under Biden, with total debt now surpassing $35 trillion. While the pace of borrowing slowed somewhat in the first half of Biden’s term compared to Trump’s, it has now accelerated, with the US adding $1 trillion to its debt this year alone.

According to calculations by the House Budget Committee, the national debt is now equivalent to $104,497 per person, $266,275 per household, and $483,889 per child in the United States. Over the past 12 months, the debt has increased by $2.35 trillion, or $74,401 in new debt every second.

Late last month, the International Monetary Fund (IMF) sharply criticized US fiscal policy, calling Washington's budget deficit and debt ratio a "growing threat" to the entire global economy.

“Such high deficits and debt pose a growing threat to the US and global economy, potentially leading to higher financing costs and a growing risk of default on maturing obligations,” the IMF said in a statement.

The IMF also added that “these chronic fiscal deficits represent serious and persistent policy imbalances that need to be urgently addressed.”

The growth of US public debt has become an urgent issue, requiring strong and comprehensive measures from leaders to ensure financial stability for the country and the global economy.

NHAT DUY (according to RT)

Source: https://www.nguoiduatin.vn/no-cong-cua-my-vuot-moc-dang-kinh-ngac-204240730101621204.htm