Posted 1/5/2024, 7:15:25 PM
U.S. National Debt Soars Past $34 Trillion, Risking Economic Fallout
- U.S. debt has surpassed $34 trillion, equal to $101,240 per citizen, with the government adding $5.2 billion per day
- Interest payments on the debt may exceed defense spending within 5 years, posing risks to economic stability
- If debt keeps rising at this pace, interest costs could jump from $500B now to $1.4 trillion by 2033
- Higher interest rates and slower economic growth are likely outcomes of ballooning debt levels
- Recommended strategies focus on long-term fiscal sustainability via gradual spending cuts rather than tax hikes