"The figure amounts to roughly $111,000 of debt for every person in the US, and is equivalent to the value of the economies of China, India, Japan, Germany and the United Kingdom combined, according to the Peter G Peterson Foundation, a Washington, DC-based think tank."
"Adding trillion after trillion to the debt and budgeting-by-crisis is no way for a great nation like America to run its finances, Peterson said in a statement."
"Instead of letting the debt clock tick higher and higher, lawmakers should take advantage of the many responsible reforms that would put our nation on a stronger path for the future."
"In May, Moody's ratings downgraded the US government's credit rating from Aaa to Aa1, citing the failure of successive administrations to reverse the trend of large annual fiscal deficits and growing interest costs. The move followed similar downgrades by rating agencies Fitch and Standard & Poor's in 2011 and 2023, respectively."
The United States national debt has surpassed $38 trillion, according to the Department of the Treasury. The debt equates to roughly $111,000 per person and matches the combined economies of China, India, Japan, Germany and the United Kingdom, per the Peter G. Peterson Foundation. The debt crossed $37 trillion a little over two months earlier and rose from $36 trillion in November 2024 and $35 trillion in July. The foundation's CEO criticized lawmakers for adding trillions and urged responsible fiscal reforms. In May, Moody's downgraded the government's credit rating from Aaa to Aa1, citing persistent deficits and rising interest costs. Economists debate safe debt limits, but many label the current trajectory unsustainable.
Read at www.aljazeera.com
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