FX.co ★ Global economy in jeopardy due to snowballing US public debt

The US national debt has entered a dangerous game. According to estimates from the US Debt Clock, the US federal debt has surpassed a staggering $36 trillion this year!

For the first time in history, America’s national debt has broken the $36 trillion barrier. This figure has been swelling, increasing by $1 trillion roughly every 100 days. Looking back, the US public debt had already reached an impressive $35 trillion by the end of July 2024. Earlier this year, in January, it crossed the $34 trillion mark.

In late September and early October 2024, the US national debt hit a new record in just two days, swelling by nearly $350 billion. Republican Donald Trump promised to address this issue in his presidential campaign. As part of his presidential pledges, he declared the intention to reduce it, emphasizing, “We will pay off our country’s debt.”

Experts from the IMF warn that the snowballing US national debt poses a grave threat to both the global and national economies. IMF analysts project that it is expected to reach 140% of GDP by 2032.