#USNationalDebt
💸 *US National Debt Surpasses $37 Trillion* 🚨
The US national debt has hit a record high of over $37 trillion, sparking concerns about the country's fiscal trajectory 📈. Here's a breakdown¹ ²:
- *Current Debt*: $37 trillion (up $14 trillion since 2019)
- *Debt-to-GDP Ratio*: 123% (exceeding 100% since 2013)
- *Interest Payments*: $678 billion (FY 2023), now the second-largest federal expense after Social Security
- *Government Spending*: $7.1 trillion (with a budget deficit over $2 trillion)
- *Credit Rating*: Downgraded by Moody's from AAA to Aa1, citing unsustainable fiscal trajectory
*Consequences:*
- *Ballooning Interest Payments*: Consuming a larger share of federal revenue
- *Potential Trust Issues*: Waning demand for US securities and rising debt levels
- *Long-term Economic Impact*: Projected to grow further, posing significant economic risks
*Projections:*
- *Debt Growth*: Expected to exceed $54 trillion in the next 10 years
- *Fiscal Reform*: Lawmakers propose spending reductions and fiscal reform to address the issue³