US national debt set a new record

For the first time in history, federal government debt exceeded 23 trillion dollars. This is the data of the Department of Finance, published on Friday, November 1, reports The Hill.

Фото: Depositphotos

Since President Trump took office, the budget deficit has been growing at the expense of government debt at a rapid pace. Debt has grown by about 16 percent since Trump's inauguration. Then he made up 19,9 trillion dollars. For the first time he reached the 22 mark of a trillion dollars just 10 months ago.

Of the sum in 23 trillion dollars, a little less than 17 trillions were in the category of household debts. The remaining 6 trillions of dollars come from government loans.

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However, the 23 trillion dollars mark a milestone.

“The debt at 23 of a trillion dollars for Halloween is a terrible milestone for our economy and the next generation, but Washington is not afraid,” said the Michael Peterson, CEO of the Peter G. Peterson Foundation.

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A high level of debt can increase the cost of loans and interest rates, “squeeze out” private loans and cut budgets. For example, in the fiscal year 2019, the government was supposed to allocate 376 billions of dollars only to pay interest on debt, which is equivalent to almost half of the defense budget and more than the amount spent on total spending on education, agriculture and transportation.

In 2019, the deficit amounted to a little less than 1 trillion US dollars, to 984 billion US dollars, and it is expected that in the coming years it will only grow.

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