(AGENPARL) - Roma, 29 Maggio 2024 - (AGENPARL) – mer 29 maggio 2024 For Immediate Release
Media contact: Jordan Major
128 City Road, London,
United Kingdom,
EC1V 2NX
** U.S. debt per capita grows 10x faster than the population since 2008
————————————————————
Data covering the latest 15 years – and accounting for common projections for 2024 – demonstrates that the per capita U.S. debt has been growing at an annual rate of 7.40% with the burden on Americans growing from approximately $35,000 in 2008 to about $101,000 in 2023.
The large increase can be explained both by the rate of borrowing and by the fact that the debt has been rising approximately faster than the U.S. population has been growing.
The biggest uptick within the analyzed period came in 2020 – perhaps as expected given it was a major crisis year – and saw the debt placed on Americans rise 18.45% from $70,000 per capita to $83,000.
The Biden administration has also been overseeing a trend of high debt-taking, with each American’s burden growing 6.5% in 2021, 5.78% in 2022, and 7.69% in 2023. Additionally, it is projected it will have grown by approximately 7.38% in the final year of the current democratic administration.
** U.S. may have become a hostage of its debt
————————————————————
A particularly concerning result of the analysis is that the debt issue is likely both to persist and grow larger, no matter the result of the November elections. As Andreja Stojanovic, one of the authors of the research, pointed out:
“The issue of ever-growing debt is bound to be sticky no matter the administration, given that the Republican persistent failure to match tax cuts with sufficient expenditure reductions is paired with the Democratic tendency to increase spending in certain areas.”
While Democrats are frequently lambasted for their apparent fiscal irresponsibility, it is hard to miss that in 2017, the final year before the ‘Tax Cuts and Jobs Act’ was implemented, the per-capita debt rose 1.9% compared to the previous year, while the increase in 2018 amounted to 6.67%.
______________________
Finbold.com, 128 City Road, London, England EC1V 2NXI United Kingdom