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The US national debt exceeds $34.8 trillion.. Where are we heading?

In relative silence, the US national debt continues to rise at an alarming rate, currently exceeding $34.8 trillion, amid rising government spending and high interest rates.

📊 What is happening?

Just to service the debt (annual interest): the government pays more than $1.1 trillion annually!

This means that interest on the debt has become one of the largest items in the federal budget.

As the Federal Reserve continues to keep interest rates high to fight inflation, the cost is increasing even more.

⚠️ Potential implications:

Reduction in spending on social services and education.

Increase in taxes in the near future.

Possibility of losing market confidence in US bonds in the long term.