/ world today news/ The national debt of the United States exceeded 30 trillion dollars for the first time. This is according to data published on Tuesday by the US Treasury Department.
In the document published by the Ministry of Finance, in the column “total public debt” the sum of 30.012 trillion dollars is indicated. This is a record figure for the national debt of the United States for the entire time of its existence.
According to The New York Times, the current numbers were reached several years earlier than expected. That’s the result of the trillions in federal spending the United States has made to fight the pandemic, including $5 trillion in expanded unemployment benefits, small business bailouts and stimulus payments financed with borrowed money.
As the number of COVID-19 cases declined in the first half of 2021, the US economy experienced a sharp recovery in GDP growth: 6.3% in the first quarter and 6.7% in the second. However, growth slowed to 2.3% in the third quarter.
Experts attribute this to the spread of the Omicron strain, high inflation (by the end of December 2021 it reached 6.8% – the highest since 1982) and problems in global supply chains.
In the last year of Donald Trump’s presidency (2020), the US economy shrank by 3.5% – the first decline since the financial crisis of 2008 and the most significant since 1946 (when the country’s GDP fell by 11 .6%).
At the end of the first year of Joe Biden’s presidency, the Federal Reserve is forecasting growth of 5.5%. Due to the ongoing pandemic, the US government is also forced to take on more and more loans – by the end of 2021, the public debt was over $29 trillion (about 125% of GDP), which forced the authorities to raise the national debt ceiling to $31.4 trillion .
Translation: SM
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