The US national debt is growing at an unprecedented rate after Joe Biden signed a bill that suspended the government’s $31.4 trillion ceiling. The bill came into effect in June this year and the US national debt shot up to $33 trillion this month in October. It rose by $1.2 billion per hour for the past 19 days, according to insight provider Tier1 Alpha. This means that the US debt spiked $28 billion per day in the last three weeks.
The US Debt Is Now $100,000 Per American
The government debt currently stood at a staggering $33.56 trillion on Thursday leading to an uncontrolled rise. Estimates show that the debt totals $100,000 per American citizen, including children in October 2023.
Additionally, the Congressional Budget Office (CBO) estimates that the debt could increase every day by $5.2 billion. CBO forecasts the debt held by the public could reach 118.9% of the Gross Domestic Product (GDP) by 2033. This is the highest the US has reached as historically, it remained much lower in 1960 (52.3%), 1980 (34.69%), and 2000 (55.87%).
Also Read: BRICS Is Now Richer Than G7 Countries
Nonetheless, other countries are also drowning in debt as China could reach 83%, and the UK 100.5%. The development is worrisome as the ratios are only increasing and could destabilize the markets. The US is also funding two endless foreign wars despite being $33 trillion in debt.
The Biden administration has sent $75 billion to Ukraine to help the country fight against Russia. Also, the White House sent $3 billion to Israel to help it fight Palestine. Israel is also asking the US $10 billion in aid to take on the enemy.
Read here to know how US military stocks experienced a $100 billion rout this month. In conclusion, politicians are sending aid to foreign countries and showing less interest in bringing the crisis under control.