Unlike the US economy which lacks momentum, the American national debt is rising at a breakneck pace, beating all records. It is not surprising that the superpower has a “super” debt. The US owes the world over 19 trillion of its own dollars.
This sum makes up about 103% of the nation’s gross domestic product. However, it seems that the US is not going to rest on its laurels. Some experts believe that next year the public debt will hit a new record high of $20 trillion. The official statistics show that the Federal Government debt exceeded $19 trillion early this year and is still rising. While the biggest part of this hefty amount is debt commitments to companies and individuals, the rest of it is owed to the Federal Reserve. Interestingly, there is one special feature: the amount of debt has almost doubled during Barack Obama’s presidency. For this 7 years’ period the public debt has increased by $8 trillion. Only George W. Bush was able to amass debt so fast. Both presidents witnessed nearly the same pace of the rising debt. Let us remind that last year Obama had to approve increase of the borrowing limit for the government.
Thus, the US has nothing to worry about, as the government postponed solving the credit cap problem until 2017. Surely, experts are doubtful that the United States will suffer Greece’s fate, but who knows, maybe the superpower will have to tighten its belt.
