Such debt two makes the US a paper tiger! For comparison, the US nominal GDP was less than $27.5 in 2023. Thus, the debt level is now about 127% of GDP.
The excessive, profligate spending by the U.S. Congress needs to stop! This is irresponsible and reckless!
"The U.S. national debt as of Monday officially topped $35 trillion, a grim milestone for the U.S. government and the economy as the national debt continues to soar each year.
The national debt has nearly tripled in the last 20 years. ...
Before COVID-19, deficits remained under $1 trillion, but since the pandemic they have been well above the previously unbroken $1 trillion-dollar mark. ...
“CBO projects that interest costs in 2024 will total $892 billion — a jump of 36 percent from the previous year and following increases of 35 and 38 percent in each of the two years before that,” ..."
“CBO projects that interest costs in 2024 will total $892 billion — a jump of 36 percent from the previous year and following increases of 35 and 38 percent in each of the two years before that,” ..."
Since the year 2000, the federal deficit has been severely deteriorating year after year!
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