President Joe Biden Still Has Not Remedied America's Economic Problems That Just Got Much Worse With Record National Debt At $30 Trillion

President Joe Biden Still Has Not Remedied America's Economic Problems That Just Got Much Worse With Record National Debt At $30 Trillion

February 1. 2022

Joe Biden

5.000,00 Americans quit their jobs under President Joe Biden's administration and have refused to return to work. America is experiencing labor shortages due to said resignations and the coronavirus sickening and killing many Americans. Some are struggling with long-haul COVID.

Further compounding Biden's problems is the fact U.S. national debt has hit $30 trillion. Economists are sounding the alarm. However, what is Biden going to do. He has dementia. How is he going to solve America's problems. The answer is easy. He will not do so.

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America's national debt just hit another sobering milestone

Total public debt outstanding is now above $30 trillion, according to Treasury Department data published Tuesday. Government borrowing accelerated during the Covid-19 pandemic as Washington spent aggressively to cushion the economic blow from the crisis. The national debt has surged by about $7 trillion since the end of 2019.

It's impossible to know how much debt is too much, and economists remain divided over how big of a problem this really is. But the latest debt milestone comes at a delicate time as borrowing costs are expected to rise.

After many years of rock-bottom interest rates, the Federal Reserve is shifting into inflation-fighting mode. The Fed is planning to launch its first series of rate hikes since 2015. Higher borrowing costs will only make it harder to finance that mountain of debt.

https://www.msn.com

'Sound the alarm': National debt hits $30 trillion as economists warn of impact for Americans

WASHINGTON – The national debt surpassed $30 trillion for the first time Tuesday, fueled in part by the coronavirus pandemic and what economists describe as years of unsustainable government spending that could have long-term consequences for every American.

The federal government now owes $23.5 trillion in debt to creditors and another $6.5 trillion to itself. Debt to creditors soared by $1.5 trillion over the last year alone, according to the Peter G. Peterson Foundation, a nonpartisan organization focused on addressing the country’s fiscal challenges.

https://www.usatoday.com