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Peter Davis

An writer at FOMOdrive

  • Jan 03, 2024
  • 2 min read

The US national debt exceeded $34 trillion for the first time in history

The US national debt has hit an all-time high of $34 trillion.

Each resident of the country has a debt of approximately $100 thousand.

By the end of March, the US Treasury is projected to borrow an additional $1 trillion.

The accumulation of government debt could pose a risk to national security if it continues to increase.

Treasuries have seen a decrease in investment from large foreign buyers.

In September 2023, the US national debt set a record of $33 trillion. Just a few months later, in early January, the US Ministry of Finance reported that the debt had grown to an even larger amount of $34 trillion.

Interfax reported that the national debt had reached a new record level several years earlier than expected, prior to the pandemic. This was due to the restart of the printing press in 2020 and a substantial amount of borrowing, which caused inflation to skyrocket and interest rates to increase, making debt servicing more expensive.

ABC News warns that the increasing national debt over the next few decades could be a danger to national security, as well as to major expenses such as Social Security and Medicare.

The next Congressional debates concerning the debt ceiling could become a financial hazard if investors do not have faith in the US's ability to pay back the debt.

According to the Peterson Foundation, foreign investment in US government bonds had reached its highest point of 49% in 2011, but by the end of 2022, this had dropped to 30% due to China, Japan, South Korea and other major buyers of Treasuries reducing their investments.

Michael Peterson, the CEO of the fund, has stated that the US Treasury is expected to borrow close to $1 trillion by the end of March.

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