US national debt has reached unprecedented level. It hits 33 trillion US Dollar! It’s an unwanted historic achievement for the global superpower country.
WartaBerita.Net | NEW YORK – On September 18, 2023, just three months after the gross debt of the federal government passed the $32 trillion mark, the US national debt reached a new historic high of $33 trillion. This increase occurred soon after the US was on the verge of going into default in January 2023 as a result of exceeding its previous debt ceiling of $31.4 trillion.
The entire sum of money that the US government owes its creditors is known as the national debt. Tax cuts, higher spending on social services, the COVID-19 epidemic, and other reasons have all contributed to its steady rise in recent years.
US economic data recently
Other recent US economic data reveals conflicting findings. 3.5% remained the unemployment rate in August 2023, near its 50-year low. However, inflation remains high, at 8.3% in August, the highest level since 1981.
Economic growth slowed in the second quarter of 2023, with GDP increasing at an annual rate of 2.6%, down from 5.7% in the first quarter. This slowdown was due to a number of factors, including rising interest rates, supply chain disruptions, and the war in Ukraine.
Implications of the Rising US National Debt
The rising national debt is a major concern for many economists. They argue that it could lead to higher interest rates, slower economic growth, and a decline in the value of the US dollar.
The government has a number of options for dealing with the rising national debt. It could raise taxes, cut spending, or borrow more money. However, all of these options have their own drawbacks.
Raising taxes could slow economic growth. Cutting spending could reduce the benefits that the government provides to its citizens. Borrowing more money could lead to higher interest rates.
It is important to note that the US economy is still large and resilient. However, the rising national debt is a risk that needs to be addressed.
The US national debt is at an all-time high, and recent economic data shows mixed results. The government has a number of options for dealing with the rising debt, but all of these options have their own drawbacks. It is important to address the rising debt in a way that minimizes the negative impact on the economy and the American people. [WB]
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