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US debt exceeds $31 trillion

Zadłużenie USA przekroczyło 31 bln dolarów

2022-10-05 19:07

2022-10-05 19:07

US debt exceeds  trillion
Photo: Deacons Docs / / Shutterstock

The U.S. debt has surpassed $31 trillion, the U.S. Treasury Department announced Tuesday. The debt is close to the debt ceiling set by Congress at about $31.4 trillion. – The Associated Press reports.

The amount of debt will further worsen the condition of the US economy, which is struggling with high inflation. According to Owen Zidar, an economist at Princeton University, raising interest rates by the Fed would make it more expensive to service government debt.

The Fed’s continued interest rate hikes are an attempt to control inflation, but there are concerns that it could push the US economy into recession.

According to Zidar, the government should consider changing its tax policy, including increasing taxes on wealthier Americans to guarantee higher budget revenues.

However, debt is $400bn lower than the government’s March forecast, driven by higher-than-expected earnings and an economic recovery from the coronavirus pandemic.

Loyola Marymount economics professor Chung Won Son told the AP, “It took 200 years for the U.S. to hit the first trillion dollars in debt, and it’s been a trillion more every quarter since the pandemic began.” (PAB)

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