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United States National Debt Crisis:America, the world superpower, is currently going through a major financial crisis. We have a famous saying, ‘Name is big, sign is false’. Currently, it is affecting the citizens of America.
Because, a powerful country like America is currently under the burden of debt. Donald Trump has won the presidential election in the United States. He will be sworn in as President for the second time in January 2025. But the biggest challenge Trump faces before he takes the throne is the US national debt, which has surpassed $36 trillion. America’s debt has increased by one trillion dollars in just 4 months. Every American citizen owes more than a hundred thousand dollars in debt.
100,000 dollar loan per US citizen
Last week, the Treasury Department released statistics on America’s outstanding debt. According to these statistics, the mountain of debt on America is increasing day by day. The US national debt has reached 36 trillion dollars. In June 2024, America had a debt of 35 trillion dollars. That means the debt burden increased by one trillion dollars in just 4 months. America’s debt is growing by 3 trillion every year. According to this data on debt in America, every American citizen has a debt burden of one lakh dollars (Rs. 84 lakhs).
A trillion dollars a year in interest
America is stuck in debt trap, every year its government has to pay 1 trillion dollars in interest. This amount is more than what the government spends on defense, infrastructure, education, poverty alleviation programs, Social Security and Medicare combined.
Why has the debt burden increased?
America’s debt burden has not increased during President Joe Biden’s tenure. When the Biden administration came to power, America had a debt of 26.9 trillion dollars. The debt burden has increased by $9 trillion during his tenure. When Trump was last in office, America was 19 trillion dollars in debt. He had promised to reduce the debt in the previous tenure. But, they could not finish. America’s debt burden has increased due to wasteful spending by previous governments.
The tax burden on American citizens will increase
America’s fiscal deficit has reached several trillion dollars. America’s current debt burden was first seen in the last years of World War II. Due to the increasing debt burden, the US government will have to pay more in its budget for interest payments. At the same time, the government will have to impose more taxes on its citizens. Donald Trump’s announcement during the election campaign to deport citizens of other countries living illegally in the US could deepen the US debt crisis. Because the Trump administration will have to spend billions of dollars to fulfill this promise. America can get out of the debt crisis only if the new administration has to cut $8 trillion in spending in the budget to control the debt crisis.
Daily Ratnagiri Khabardar
ISO 9001:2015 certified
(RNI No. Mahmar/2013/57411)
Official Register Newspaper
15:02 19-11-2024
