U.S. public debt reaches $23.2 trillion
Topics: U.S. DEBT
The debt showed a spike from July 2019 when it hit $22.02 billion. The rising national debt coincides with the dropped tax revenue in the wake of increased federal spending.
The debate of lowering national debt has dominated political space with both Democrats and Republicans proposing solutions to lower the debt. However, all signs indicate that the debt will significantly rise in the coming years. The report says:
“Based on the current growth rates, it is projected that the debt might reach $28.7 trillion by 2029, driven by mandatory spending initiatives like Social Security, Medicare, and Medicaid. "
Interestingly, the US national debt is almost three times higher compared to China’s, which has $8.3 trillion. Globally, Japan has the second-highest national debt at $11.3 trillion. ■