DEBT SOARS TO $29 TRILLION RAISING CONCERN AMONG THE AMERICAN LAWMAKERS
The US’s national debt is rising at its peak. Last year the debt was $23.4 trillion which is equal to a debt of $72,305 per person. Due to this, it owes a lot of debt to various countries. According to the US lawyer lawmaker and Congressman Moony that their country owes $216 billion to India. He warned leaders against the steadfast increase in foreign debt.
Mooney exclaimed that there is a lot of misinformation going around the whereabouts of the debt. They are going to owe debts to the top financially stable countries like China and Japan despite the estranged relations. He further added that by this year they are going to grow their debts to $29 trillion. This is more than what the person is owed.
US president Joe Biden has announced a relief package for 1.9 trillion dollars which will help in supporting small businesses in America. It will also aid in the process of the National vaccination drive and tackling the last year’s economic fallout.
The Congressman said that they have to pay the loan to those nations that are not necessarily on good terms. These include countries like Brazil and India whom they owe 258 billion and 216 billion dollars respectively.
In 2000, America’s debt was USD 5.6 trillion. Under the Obama administration, it got doubled. Obama’s 8 years of presidency, national debt doubled. The debt to GDP ratio is out of control by further addition of the debt. Moony address this to his Congressional colleagues cautioning about the state of national debt before approving the relief package.
Moony raised concern about the fact that things are going haywire as congressional budget estimates that $105 trillion will be added by 2050. The budget also states that the debt would increase by 20%.
Moony told that at present the debt is around $27.9 trillion which in comparison is more than an average of $84,000 of every American citizen. The leaders have borrowed around $10,000 per person in a year.
