U.S. National Debt Exceeds $30 Trillion For First Time Ever
The U.S. national debt rose above $30 trillion for the first time ever, according to Treasury Department.
The national debt is the accumulation of the federal government’s deficits over the years. The federal government owes almost $8 trillion to foreign and international investors in Japan and China alone.
The Covid-19 pandemic had a severe impact due to spikes in unemployment and stimulus payments. When former President Donald Trump entered office, the debt was already at $20 trillion but has spiraled in recent years.
Federal Reserve Chairman Jerome Powell stated, “Debt is not at an unsustainable level, but the path is unsustainable.”
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Michael Peterson, CEO of the Peterson Foundation, which studies America’s fiscal challenges, wrote in an essay, “the federal budget has a structural mismatch between spending and revenues, and the gulf between them is growing.”
Democrats are looking to reduce the debt as part of Biden’s budget package now stalled in Congress.
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