US debt spirals past $34 trillion with interest forecasted to hit $3 trillion by 2030 (Cryptoslate)
Quick Take
The United States’ mounting debt structure currently stands at a staggering $34 trillion, according to usdebtclock.org.
An escalating annualized interest accompanies this steep climb on the federal debt that exceeds $1 trillion and is projected to break through the $3 trillion threshold by Q4 2030, according to E.J. Antoni, an economist at Heritage & Comm4Prosperity.
Further compounding the issue, the United States grapples with a structural deficit. As indicated by analyst Joe Consorti, the federal deficit is worrying at -6.460% of the GDP. This signifies that government expenditure significantly surpasses its revenue. While the deficit witnessed during COVID-19 induced peak at -15%, it has since lowered to -6.4%, offering a glimpse of the government’s financial health.
Federal Deficit as a % of GDP: (Source: FRED)
The post US debt spirals past $34 trillion with interest forecasted to hit $3 trillion by 2030 appeared first on CryptoSlate.
from RSS Cryptocurrency News feed https://cryptoslate.com/insights/us-debt-spirals-past-34-trillion-with-interest-forecasted-to-hit-3-trillion-by-2030/