US debt hasn’t been this high since World War II. That’s ok…for now
4 years, 2 months ago

US debt hasn’t been this high since World War II. That’s ok…for now

CNN  

The amount of money that the United States owes investors has hit record levels in more than a few ways, based on newnumbers reported Friday by the US Treasury. Both the annual deficit and total debt accumulated over the years has topped levels not seen since World War II. Having topped $21 trillion, the country’s total debt owed to investors – which essentially is the sum of annual deficits that have accrued over the years – is now estimated to have outpaced the size of the economy, coming in at nearly 102% of GDP, according to calculations from the Committee for a Responsible Federal Budget. “The only other time debt has exceeded the size of the economy was at the end of World War II – and we ran years of mostly balanced budgets afterward to bring it back down,” CRFB president Maya MacGuineas said. “There is no set tipping point at which a fiscal crisis becomes likely or imminent, nor is there an identifiable point at which interest costs as a percentage of GDP become unsustainable,” Congressional Budget Office director Phillip Swagel said last month.

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History of this topic

Americans’ debt is growing — but so are incomes
1 month, 1 week ago

Americans’ debt is growing — but so are incomes

CNN  

CNN — Americans are continuing to pile on debt at record levels — but for many households, those IOUs are completely manageable, according to new data released Wednesday. US household debt moved up to a fresh record total of $17.94 trillion as of September 30, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt …

The alarming increase in global debt
3 months ago

The alarming increase in global debt

New Indian Express  

Global debt has reached around $313 trillion or 330 percent of world GDP, up from around $210 trillion a decade ago. Since 2000, China’s total debt has nearly tripled to around 288 percent of GDP. As a percentage of total output, government debt in Japan, the US and the UK has reached 252 percent, 127 percent and 106 percent, representing …

Key US economic data raises global concerns
4 months, 1 week ago

Key US economic data raises global concerns

China Daily  

An American flag flies outside of the US Capitol dome in Washington, US, Jan 15, 2020. "The high debt level can cause significant problems if economic conditions worsen," Ke Jing, associate research professor at the Shanghai Academy of Social Sciences' Institute of International Relations, said. The US abuse of financial sanctions due to dollar hegemony and the high national debt …

Key US economic data raises global concerns
4 months, 1 week ago

Key US economic data raises global concerns

China Daily  

An American flag flies outside of the US Capitol dome in Washington, US, Jan 15, 2020. "The high debt level can cause significant problems if economic conditions worsen," Ke Jing, associate research professor at the Shanghai Academy of Social Sciences' Institute of International Relations, said. The US abuse of financial sanctions due to dollar hegemony and the high national debt …

US national debt surpasses 35 trillion USD for first time
4 months, 3 weeks ago

US national debt surpasses 35 trillion USD for first time

China Daily  

Photo taken on July 29, 2024 shows the US Treasury Building in Washington, D.C., the United States. WASHINGTON - The US federal government's total public debt has surpassed 35 trillion US dollars for the first time, as recorded at the end of last week, according to data released by the Treasury Department Monday. The total public debt outstanding climbed to …

Rising US debt risk bad for its own and global economy
5 months, 3 weeks ago

Rising US debt risk bad for its own and global economy

China Daily  

A teller counts and arranges dollar notes at an Agricultural Bank of China branch in Qionghai, Hainan province. The International Monetary Fund recently warned that the excessive fiscal deficit and debt scale of the United States are posing a growing risk to its own and the global economy, urging the US to solve this long-standing problem as soon as possible. …

As US 'debt bomb' spirals towards $35 trillion, hedge fund boss warns politicians are spending 'at the expense of future generations'
8 months, 3 weeks ago

As US 'debt bomb' spirals towards $35 trillion, hedge fund boss warns politicians are spending 'at the expense of future generations'

Daily Mail  

debt is currently above $34.6 trillion, according to official data Hedge fund billionaire Ken Griffin has warned that the 'surging' US national debt is a 'growing concern that cannot be overlooked.' It comes after fellow hedge fund manager Paul Tudor Jones warned earlier this year that a 'debt bomb' is on the verge of exploding in the US - and …

Global debt surges to record high as borrowing costs bite
10 months ago

Global debt surges to record high as borrowing costs bite

The Telegraph  

Global debt has surged to a record high of $313 trillion, as higher interest rates drive up borrowing costs for companies and governments worldwide. Jan Friederich at Fitch Ratings said higher borrowing costs mark “a quite substantial change from the environment of. Speaking at the launch of the IIF’s Global Debt Monitor he said that “average interest expenditure relative to …

Legendary investor Paul Tudor Jones says a 'debt bomb' set to go off in US - economy appears strong but is on 'steroids' masking major problems
10 months, 2 weeks ago

Legendary investor Paul Tudor Jones says a 'debt bomb' set to go off in US - economy appears strong but is on 'steroids' masking major problems

Daily Mail  

The billionaire investor said while the economy appears strong, it is on 'steroids' Legendary hedge fund manager Paul Tudor Jones has said that a 'debt bomb' is on the verge of exploding in the US - due to 'unsustainable' government borrowing. The billionaire investor said that the economy appears strong - but under the surface it is actually on 'steroids' …

Excessive dollar debt major risk to economic security and recovery
11 months, 2 weeks ago

Excessive dollar debt major risk to economic security and recovery

China Daily  

Illustrated by Shi Yu / China Daily The total debt of the US federal government exceeded $34 trillion for the first time as of Jan 2, only three and a half months after it topped $33 trillion, and five years earlier than the Congressional Budget Office had predicted. In order to fund its ever-growing fiscal deficit, the US government has …

US national debt hits record $34 trillion as Congress gears up for funding fight
11 months, 3 weeks ago

US national debt hits record $34 trillion as Congress gears up for funding fight

Associated Press  

WASHINGTON — The federal government’s gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America’s balance sheet in the coming years. Government dysfunction, such as another debt limit showdown, could also be a financial risk if investors worry about lawmakers’ willingness to repay the U.S. debt. Sohn said a …

Why the world is drowning in debt – again
1 year, 1 month ago

Why the world is drowning in debt – again

The Telegraph  

Emre Tiftik, a director at the IIF, believes countries have become addicted to debt. And there’s this omnipotent feeling that central banks and governments can manage all of this stuff I’m cautious.” Mohamed El-Erian, chief economic adviser at Allianz, says the debt reckoning will not hit countries equally. “While debt burdens are rising in most countries around the world, the …

The Federal Deficit Is Even Bigger Than It Looks
1 year, 2 months ago

The Federal Deficit Is Even Bigger Than It Looks

Live Mint  

When it comes to the size of the federal government’s annual deficit, appearances can be deceiving. The gap between spending and revenue for fiscal year 2023, which ended on Sept. 30, was $1.7 trillion, the Congressional Budget Office projected ahead of the official Treasury Department figures. When the Biden administration announced its plan to forgive federal student debt held by …

Global debt surges to record $307 trillion amid borrowing binge
1 year, 3 months ago

Global debt surges to record $307 trillion amid borrowing binge

The Telegraph  

Global debt has surged to a fresh record of $307 trillion as governments and financial services companies fuel a jump in borrowing. Borrowers added $10 trillion to the debt mountain in the first half of 2023, according to the Institute of International Finance. It comes as US government debt hit a record $33 trillion this month amid heavy borrowing and …

US public debt is projected to reach 181% of American economic activity in 30 years
1 year, 5 months ago

US public debt is projected to reach 181% of American economic activity in 30 years

Associated Press  

WASHINGTON — The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers: ever higher deficits, greater government spending and tax revenues that only begin to increase when existing tax cuts expire. The nonpartisan agency estimates in its latest 30-year outlook, released Wednesday, that publicly held debt will be equal to a record 181% of …

How does US debt rank compared with the rest of the world?
1 year, 6 months ago

How does US debt rank compared with the rest of the world?

Al Jazeera  

The United States has the world’s highest national debt at $31.4 trillion. Global debt currently stands at $305 trillion, $45 trillion higher than before the COVID-19 pandemic, according to the Institute of International Finance – a global association of the financial industry. The IIF predicts that global debt will continue to rise as government borrowing remains high, affected by factors …

'Productive' Talks No Deal Yet: What Is US Debt Ceiling, Over Which US Lawmakers Have Locked Horns?
1 year, 7 months ago

'Productive' Talks No Deal Yet: What Is US Debt Ceiling, Over Which US Lawmakers Have Locked Horns?

ABP News  

US President Joe Biden and Republican House Speaker Kevin McCarthy have called their latest round of negotiations on the debt ceiling “productive”, but they still haven’t reached a deal to avoid looming debt default. The US Treasury departments websites say that the debt limit is the total amount of money that the United States government is authorised to borrow to …

More red ink: Congressional budget agency projects bigger deficits as debt talks continue
1 year, 7 months ago

More red ink: Congressional budget agency projects bigger deficits as debt talks continue

Associated Press  

WASHINGTON — This year’s projected government budget deficit has jumped by $130 billion, due in part to a proposed change to student loan repayment plans and a series of bank rescues organized by federal regulators, the Congressional Budget Office said Friday. Revenue collections through April were lower than the agency expected, resulting in a projected budget deficit of $1.5 trillion …

Biden says GOP plans would drive US debt up by $3 trillion
1 year, 10 months ago

Biden says GOP plans would drive US debt up by $3 trillion

Associated Press  

LANHAM, Maryland — President Joe Biden on Wednesday said Republican policies would blow up the national debt by $3 trillion over 10 years, taking direct aim at GOP lawmakers who say their priority is a balancing the federal budget. The president said his budget, which is set to be released March 9, would protect Social Security and Medicare from cuts, …

Lots of sound and fury on US debt, but not a crisis — yet
1 year, 10 months ago

Lots of sound and fury on US debt, but not a crisis — yet

Associated Press  

WASHINGTON — For all the sound and fury about raising the nation’s debt limit, most economists say federal borrowing is not at a crisis point. The political jousting masks contrasting realities: Today’s $31.4 trillion national debt does not appear to be a weight on the U.S. economy, but the debt’s path in the decades to come might put at risk …

US starts fiscal year with record $31 trillion in debt
2 years, 2 months ago

US starts fiscal year with record $31 trillion in debt

Associated Press  

WASHINGTON — The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America’s daily finances. Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the U.S. government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising …

Report: Federal debt lower in 2022; still poised to climb
2 years, 4 months ago

Report: Federal debt lower in 2022; still poised to climb

Associated Press  

The Congressional Budget Office said Wednesday that the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast. GOP lawmakers have also stressed the importance of containing federal debt, yet annual deficits worsened during the tenure of former President Donald Trump. This year’s budget deficit is equal …

In a first, America's national debt crosses $30 trillion. Here's why it matters
2 years, 10 months ago

In a first, America's national debt crosses $30 trillion. Here's why it matters

Hindustan Times  

In a new milestone, America's national debt has reached a record high of over $30 trillion, according to data published on Tuesday by the treasury department under the US government. Financial experts cited by American media outlets like CNN and Axios remain divided over “how much debt is too much” and regarding how big of a problem this really is …

US debt projected to balloon to more than double GDP by 2051
3 years, 9 months ago

US debt projected to balloon to more than double GDP by 2051

Al Jazeera  

The non-partisan Congressional Budget Office warned that by 2051, the United States’ debt will skyrocket to 202 percent of its gross domestic product, up from 102 percent this year. The U.S. federal debt will grow to more than double the size of the economy in three decades, increasing the risk of a fiscal crisis even though dangers appear low in …

US budget deficit hits all-time high of $864 billion in June
4 years, 5 months ago

US budget deficit hits all-time high of $864 billion in June

Associated Press  

WASHINGTON — The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. For the first nine months of this budget year, which began Oct. 1, the deficit totals $2.74 trillion, also a record for that period. That total …

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