New data reveals the United States national debt has spiked by over $500 billion in just the past 19 days. Professional insight provider Tier1 Alpha tracked the mounting debt load in real time.
According to the data, total US debt now sits at a staggering $33.521 trillion. In addition, this means an additional $28 billion per day has come over the 19-day period. This equates to $1.2 billion per hour.
US government debt accumulated $1 trillion in 45 days
The data shows that US government debt accumulated $1 trillion in approximately 45 days. The country’s liabilities are ballooning at an alarming rate, despite the risks posed by excessive leverage.
Bank of America strategist Michael Hartnett recently provided insight into the trajectory of the US government’s debt. In addition, according to calculations by Hartnett, the national debt is expected to increase by $5.2 billion daily for the next ten years.
This projection, sourced from Congressional Budget Office (CBO) estimates, foresees a daily increment of $5.2 billion in government debt over the coming decade.
The analysis highlights the potential disparity between the rate of debt growth and overall economic performance. Additionally, according to CBO forecasts, the debt held by the public is projected to reach 118.9% of the Gross Domestic Product (GDP) by 2033. This signals a significant increase from the 98.2% reported this year.