U.S. National Debt Skyrockets by $215 Billion in 30 Days: Economic Concerns Mount
In just 30 days, the U.S. national debt soared by $215.65 billion, reaching $34.75 trillion by June 15th from $34.53 trillion on May 15th.
Last month, interest payments on this debt surpassed combined expenditures on defense, Medicare, and Medicaid, and exceeded spending on veterans, education, and transportation.
Vance Ginn, former associate director for economic policy at the White House’s Office of Management and Budget (2019-20), warned in an op-ed for the American Institute for Economic Research that the nation is “on the brink of a fiscal abyss.”
He highlighted the burden of the debt and its interest payments, now exceeding $1 trillion annually and surpassing national defense spending.
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Ginn stressed the unsustainable cycle of increasing debt issuance by the government, which could lead to higher interest rates, inflation, and hinder productive private sector activities.
He also cautioned that avoiding middle-class tax hikes would be challenging, and millions of Americans could face benefit cuts as critical programs like Social Security and Medicare approach bankruptcy within the next decade.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
