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  • U.S. public debt has surpassed $23 trillion for the first time in history

    U.S. public debt has surpassed $23 trillion for the first time in history | Photo: RT

Published 2 November 2019
Opinion

U.S. national debt has risen by more than $1 trillion in less than nine months.

U.S. public debt has surpassed $23 trillion for the first time in history, rising more than 100 percent in less than a decade and more than a trillion dollars this year alone, according to Treasury Department figures released Friday.

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Of the total, less than US$17 trillion is owed to individuals, while the remaining $6 trillion comes from loans within government agencies.

The figure marks a new record after the national debt reached US$22 billion dollars in February this year while the fiscal imbalance as a percentage of Gross Domestic Product (GDP) rose from 3.8% in 2018 to 4.6% this year.

United States President, Donald Trump, who repeatedly criticized the deficit of his predecessor, Democrat Barack Obama, looks now responsible of the U.S. deficit rising almost 50 percent in his first three years in office.

According to the head of The Peter G. Peterson Foundation, Michael Peterson, "reaching a debt of US$23 billion on Halloween is a terrifying milestone for our economy and the next generation, but Washington shows no fear."

"Accumulating debts like this is especially reckless and unnecessary in a strong economy," he added.

U.S. debt began to rise after the 2008 financial crisis, but after Trump came to power it declined slightly. Thus, in January 2017, the national debt was estimated at $19,899 billion.

However, due to the fiscal reform, at the end of that year it started to grow again and by the end of 2018 it amounted to 21,974 billion dollars.

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