Wednesday, April 24, 2024

US Debt Projected To Exceed $50 Trillion By 2033: 'More Than Combined GDPs Of China, Japan, Germany And India'

US Debt Projected To Exceed $50 Trillion By 2033: 'More Than Combined GDPs Of China, Japan, Germany And India'


The United States is on a fiscal trajectory that could see its government debt exceed $50 trillion within the next decade, according to a recent analysis.

As per a Business Insider report, Bank of America released a note on Tuesday revealing daunting projections for the U.S. debt based on data from the Congressional Budget Office. The U.S. currently holds a massive $33.6 trillion in public debt, which is expected to skyrocket by another $20 trillion to $54 trillion by 2033.

The forecasted increase is attributed to what Michael Hartnett, a Bank of America investment strategist, describes as “fiscal excess in the 2020s.”

“US public debt is… more than the combined GDPs of China, Japan, Germany, and India,” he added.

He went on to quantify the increase as an addition of $5.2 billion every day, or $218 million per hour, over the coming decade. This debt surge aligns with a significant rise in the federal deficit, which inflated by $320 billion to reach $1.7 trillion in 2023 alone.

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Full story available on Benzinga.com

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