The US national debt burden remains a cause for concern, with the figure surpassing $36 trillion for the first time in history. This staggering amount raises the alarm as the country grapples with financial instability.
According to the latest data, the total US national debt has reached a record-breaking $36 trillion as of November 15th, marking a significant milestone. Notably, in early January 2024, the debt was just over $34 trillion.
In June, the International Monetary Fund analyzed the US economy and stressed the urgent need to address the national debt, which is projected to reach 140% of GDP by 2032. The IMF warned that a continued rise in the debt-to-GDP ratio poses an increasing risk to both the US and global economies. The organization also called for immediate action to curb the ballooning public debt.
Earlier, Republicans sharply criticized the policies of President Joe Biden, claiming that the decisions of his administration had directly led to a sharp increase in the US national debt.
Meanwhile, the Congressional Budget Office anticipates that the US federal debt will exceed $50 trillion, or 122% of GDP, by 2034. According to CBO's current projections, the average annual GDP growth is expected to be only 1.8% between 2029 and 2034.
