Washington: – The US national debt has reached $30 trillion. This is a new record for the US economy. In the last two years, there has been an addition of $7 trillion to the US national debt. This includes the special provisions of $5 trillion for the various schemes to counter the Coronavirus pandemic.
The US treasury department announced the information regarding the US national debt on Tuesday. According to that, the US national debt has reached $30 trillion. Moreover, $8 trillion are loans from foreign governments and international investors out of this. The total interest payable on this debt could reach $5 trillion in the next ten years. Whereas, thinktanks claimed that this amount would reach 50% of the US government revenue in the next 30 years.
At the beginning of 2020, the Congressional Budget Office had presented a report. It was predicted in the report that the United States will cross the figure of $30 trillion in debt in the year 2025. But it is clear from the information published by the treasury department that the limit has been crossed in just three years. It is being said that the Coronavirus pandemic is the main reason behind this. The US government spent a fund of nearly $5 trillion to counter the Coronavirus pandemic. It is being said that the fund was raised through debt.
It is clear from the information released by the US treasury department that the debt burden started increasing rapidly after the 2008-09 recession. The US national debt stood at $9.2 trillion at the end of 2007. There has been an addition of $21 trillion in the last 14 years. Jerome Powell of the US Federal Reserve had expressed concerns over the rising national debt only last month. Powell had warned that the debt burden in the US economy is more than the growth rate, and this is not a perpetual path. The current US national debt is 128% of the US GDP.
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