The U.S. national debt has soared by 1 trillion USD in just two months, surpassing 38 trillion USD.
According to an Associated Press report on Wednesday, U.S. Treasury data from the previous day showed the national debt exceeding 38 trillion USD. This represents a staggering 1 trillion USD increase since it hit 37 trillion USD in August, just two months ago.
This growth rate is described as the fastest since the COVID-19 pandemic.
The U.S. national debt stood at 34 trillion USD in January 2024, climbed to over 35 trillion USD by July, and then surged to 36 trillion USD just four months later in November.
Analysis from the Joint Economic Committee (JEC) reveals that the U.S. debt has been increasing by 71,253.90 USD every second over the past year.
The United States recorded annual budget deficits since 2001, with the shortfall widening since 2016.
Analysts point to increased spending on social security and healthcare services, as well as rising interest payments, as key factors driving the debt surge.
The recent temporary federal government shutdown has also been identified as a contributing factor.
Michael Peterson, CEO of the Peter G. Peterson Foundation, remarked, “The debt reaching 38 trillion USD during the government shutdown is a troubling indication that lawmakers are failing to meet their basic fiscal responsibilities.”
It is pointed out that this rapid debt increase will inevitably impact the real economic lives of Americans.
