America’s national debt exceeds $35 trillion, highlighting significant fiscal challenges and the need for economic reforms.
On Monday, the US House Budget Committee declared that the national debt of America has crossed over $35 trillion, marking another unsettling milestone.
Rep. Jodey Arrington (R-TX), who leads the Committee, labeled the progress an “alarming milestone,” and has called for greater fiscal prudence and expenditure management to resolve the issue of mounting national debt growth.
Arrington stated that we are mourning another unsettling achievement in the financial downfall of the strongest and wealthiest nation to ever exist. Arrington hopes that if Donald Trump becomes president following November’s election, somehow the Republican Party will be able to improve this situation.
It is my belief that the Republican leadership in 2025 represents our final opportunity to reinstate fiscal responsibility prior to it being too late.
President Joe Biden and his predecessor, President Trump had promised to reduce the US national debt during their respective campaigns. However, in recent years it has skyrocketed.
During Trump’s presidency, the national debt jumped by $8.4 trillion to reach a total of $27.7 trillion, and more than half of these funds were earmarked for Covid-related initiatives. Under Biden’s leadership, the trend persisted as he crossed the significant threshold of accumulating over $35-trillion in government debt since taking office. Although borrowing rates gradually slowed during Biden’s first few months compared with his predecessor’s tenure, recent data shows that they have accelerated once again – surpassing an additional one trillion-dollar increase this year alone!
The House Budget Committee has determined that each person’s share of the national debt is now $104,497, while each household owes $266,275 and every American child is burdened with a staggering sum of $483,889. In just one year alone, the debt ballooned by an additional $2.35 trillion dollars – equivalent to charging up a new bill at the rate of $74,401 per second!
Last month, the International Monetary Fund (IMF) strongly condemned US fiscal policy for its ongoing “misalignment.” The organization identified Washington’s budget deficit and rising debt rates as a significant threat to the global economy.
In a statement, the IMF expressed concern about the increasing risk posed to both the US and global economy by high deficits and debt. The organization warned that this could potentially lead to higher financing costs for fiscal obligations in addition to posing a threat to their smooth rollover as they matured. Furthermore, it emphasized that addressing these chronic fiscal deficits was crucial given its significant and persistent policy misalignment.
