U.S. national debt has broken records again! I just saw the news, and the latest data from the Treasury shows that the total national debt has exceeded the $37 trillion mark for the first time, with the specific figure resting at $37,004,817,625,842—an astronomical number. To be honest, when I saw this number, my hands began to shake—this is 37 followed by 12 zeros!
Maya MacGuineas, chair of the Federal Budget Accountability Committee, shook her head during an interview today, saying that the current fiscal situation is simply a mess. "Those people in Congress not only haven’t found a way to solve the problem, but they’ve also been adding fuel to the fire." This statement really hits the nail on the head. I looked through the data and found that in just the past year, the national debt has increased by nearly $2 trillion—this speed is faster than riding a rocket.
It's truly frightening to think about; if divided among every American, it amounts to over $110,000 of debt per person. Old John next door was still worrying about his grandson's college tuition a few days ago; if he knew about this "hidden bill," he would probably faint. Even more concerning is that with interest rates this high, interest payments alone will consume $1 trillion each year—enough money to renovate countless schools and hospitals.
To be honest, the more I write this news article, the more anxious I become. The two parties argue back and forth in Congress all day, but no one is willing to touch this hot potato. MacGuineas is right; if this continues, something serious will eventually happen. However, saying this doesn’t change the fact that I expect the stock market to rise when it opens tomorrow; everyone seems to choose selective blindness.