US national debt reaches a record $37T, the Treasury Department reports
11 days ago
- #Government Spending
- #Economic Policy
- #US National Debt
- US national debt reaches a record $37 trillion, as reported by the Treasury Department.
- Debt grew faster than pre-pandemic projections due to COVID-19 economic shutdowns and government borrowing.
- Republicans' tax cut and spending legislation is projected to add $4.1 trillion to the debt over the next decade.
- Rising debt increases interest rates, reduces private sector investment, and crowds out federal budget priorities.
- Higher borrowing costs for mortgages, cars, and lower wages are among the impacts on Americans.
- Debt milestones are accelerating, with a trillion dollars added every 5 months, twice as fast as the 25-year average.
- Policymakers are urged to address the debt crisis quickly to mitigate further economic damage.