Us national debt hits $30 trillion for first time

2022-09-22 0 By

Overseas network February 2, the United States cable TELEVISION News Network (CNN) 1 news said that the National debt of the United States reached a “thought-provoking milestone.”The US national debt topped $30 trillion for the first time, hitting a record high, according to Treasury Department data released Tuesday.During the epidemic, the US government adopted a huge fiscal incentive policy and issued a large number of dollars and Treasury bonds to mitigate the impact of the epidemic crisis on the US economy, which also led to a surge in the total amount of US national debt.Since the end of 2019, the NATIONAL debt has soared by $7 trillion.The Fed is now shifting into anti-inflation mode as it prepares to start raising interest rates for the first time since 2015.With us inflation high and the Federal Reserve poised to start raising interest rates, the risk of unsustainable US government debt has increased.David Kelly, chief global strategist at jpmorgan Asset Management, noted that higher borrowing costs will limit Washington’s spending on other priorities such as climate change.Michael Peterson, CEO of the Peterson Foundation, believes the current fiscal situation in the United States is the result of years of fiscal irresponsibility.Washington has made little progress on the national debt, and the two parties are deeply divided on many issues.”We have a polarized government and a polarized population that, in some ways, makes it harder to implement solutions,” Peterson said. “If we don’t get our fiscal house in order, then climate, national security, other issues are going to be harder.”About two-thirds of Americans (67 percent) believe government spending is a major problem in the U.S. economy, according to a previous CNN poll.Copyright works of overseas network, shall not be reproduced without authorization.