February, 21, 2024
U.S. Debt Hits $340 Trillion, Double China's

U.S. Debt Hits $340 Trillion, Double China’s

Infostani International- U.S. Debt Hits $340 Trillion, China’s total debt has doubled, and now every American citizen owes $120,000, with each family’s indebtedness reaching $260,000, according to the report.

U.S. Government Debt Surpasses $340 Trillion, Exceeds China’s by Double; Concerns Mount Over Unsustainable Path

The United States government debt has surpassed $340 trillion for the first time in history, exceeding China’s total debt by more than twice. Rushday’s report reveals that if we divide this amount by the population, each American citizen now owes $120,000, or each family owes $260,000. The U.S. government’s total debt, as indicated by the Peter G. Patterson Foundation, is roughly equivalent to the combined economies of China, Germany, Japan, India, and the United Kingdom. Michael Patterson, the CEO of the foundation, expresses concern that despite entering a new year. The national debt continues on the same damaging and unsustainable path.

He emphasizes that the trillions of dollars in debt each year should be a cause for concern among U.S. policymakers. According to the IMF, the Chinese government’s debt was $140 trillion at the end of last year. However, the U.S. government’s debt is now equal to the combined debt of the five largest creditors in the world: China, Japan, Britain, France, and Italy. Chinese government debt has reached 83 percent of China’s GDP. While United States government debt has reached 123 percent of U.S. GDP. Japanese government debt has surged to 255 percent of Japan’s GDP. Since President Joe Biden assumed office three years ago. U.S. debt has increased by $62.5 trillion, marking a 23 percent rise.

U.S. Debt Hits $340 Trillion, Double China's
US Debt Up $90B in Obama’s 8 Years, Surges $78T in Trump’s 4 Years

Rapid Growth: US Government Debt Soars to $60 Trillion in 225 Years, Doubling in Two Decades

It took nearly 225 years for the United States government debt to reach $60 trillion. But over the past two decades, it has grown rapidly. The debt increased by more than $90 billion during Barack Obama’s eight-year presidency and then by $78 trillion during Donald Trump’s four-year, 659-day term. Furthermore, in the last fiscal year, the interest on the U.S. debt reached billions of dollars. Which is twice the federal budget of Russia. Interest on the US government debt is anticipated to reach $750 billion during the current fiscal year, translating to $2 billion per month.

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