The US national debt exceeds 34.8 trillion dollars.. where are we headed?

In relative silence, the US national debt continues to rise at an alarming rate, currently exceeding 34.8 trillion dollars, 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 dollars 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 combat inflation, the cost is increasing more and more.

⚠️ Potential implications:

Reduction in spending on social services and education.

Increase in taxes in the near future.

The possibility of losing market confidence in US bonds in the long term.