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United States

2 Feb 2022

U.S. National Debt Crosses $30 Trillion for the First Time amid Increased Spending

The Index Today

The United States hit a sinister milestone recently after its national debt surpassed $30 million for the first time in history, fueled by increased Federal spending during the pandemic.

According to data released by the U.S. Treasury department on Tuesday, this surge has turned up years in advance than it had been originally projected.

Federal expenditure soared during the pandemic as the government sought to keep the country afloat in the midst of the resulting economic crisis. Since the end of 2019, the national debt has climbed by $7 trillion. This comes as the U.S. Federal Reserve plans to implement as many as five interest rate hikes this year to control pandemic-induced inflation.

The Chief Investment Strategist of JPMorgan Asset Management, David Kelly, said of the issue, "It doesn't mean a short-term crisis, but it does mean we are going to be poorer in the long term." He also added that this sobering development could limit government spending on other priorities like climate change.

Federal Reserve Chairman Jerome Powell also acknowledged the precarious fiscal situation saying, “Debt is not at an unsustainable level, but the path is unsustainable — meaning it's growing faster than the economy, meaningfully faster than the economy. We have to address that over time. We will address it over time. And the better way to do it is soon."

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