Divided by population, each American citizen owes $120,000, or each family owes $260,000. During this fiscal year, the amount of interest on government debt is expected to reach $750 billion, which is two billion dollars a day. Since President Joe Biden took office three years ago, US debt has increased by $62.5 trillion, or 23 percent.
Wednesday January 3, 2024
Washington (Urdu Point Newspaper Latest - NNI. January 03, 2024) US government debt has exceeded 340 trillion dollars for the first time in history, which is more than twice the total debt of China. According to the report of Russia Today, the population In the case of distribution, each American citizen now owes 120,000 dollars or each family 260,000 dollars. According to the Peter G. Peterson Foundation, the American financial institution, the total debt of the US government is roughly equal to the size of the combined economies of China, Germany, Japan, India and the United Kingdom.
"We're starting a new year, but our national debt continues down the same damaging and unsustainable path," said Michael Patterson, CEO of the foundation. He added that the trillions of dollars in debt each year should be of concern to US policymakers.
According to the IMF, the debt of the Chinese government was 140 trillion dollars at the end of last year, but the debt of the US government is equal to the combined debt of the five largest creditors of the world, China, Japan, Britain, France and Italy. .
Chinese government debt has reached 83% of China's GDP, US government debt has reached 123% of US GDP, and Japanese government debt has reached 255% of Japan's GDP. Three years ago, President Joe Biden Since taking office, US debt has increased by $62.5 trillion, or 23 percent. It took nearly 225 years for US government debt to reach $60 trillion, but the US government's debt has grown rapidly over the past two decades. .
It increased by more than $90 trillion during Barack Obama's eight-year presidency, then by $78 trillion during Donald Trump's four-year term. Furthermore, interest on the U.S. debt rose to $659 billion during the last fiscal year. reached, which is twice the federal budget of Russia. During the current fiscal year, the amount of interest on the US government debt is expected to reach 750 billion dollars, which is two billion dollars a day.
