US public debt hits record high, exceeds $30 trillion for first time
The US Treasury Department has reported a record increase in US public debt, exceeding the $30 trillion mark for the first time
The U.S. Treasury Department said the amount of $30.012 trillion in the “total national debt” column, which is a record for the country’s national debt over the entire period of its existence.
U.S. experts predicted the growth of U.S. public debt, but at a much slower pace, the current figures should reach only in a few years. They explain this growth by the trillion-dollar federal spending that the U.S. has sent to fight the pandemic, $5 trillion allocated to pay for expanded unemployment benefits, financial support for small businesses and stimulus payments financed with borrowed money, notes the New York Times.
It is worth adding that the process of dedollarisation is taking place in many countries around the world due to doubts about the reliability of the US currency and is only gaining momentum. Also analysts from the Congressional Research Service earlier said that countries under sanctions from Washington are trying to minimize the use of the dollar in payments, which can adversely affect the position of the currency in the global economy.
US public debt hits record high, exceeds $30 trillion for first time