(AGENPARL) - Roma, 27 Agosto 2024 - (AGENPARL) – mar 27 agosto 2024 For Immediate Release
Media contact: Jordan Major
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** Mounting Pressure: US National Debt soars by $62,000 every second in 2024
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The issue of skyrocketing US debt has been a hot topic for decades, and it has continued to worsen over the years.
Additionally, as the total burden stood at $33.96 trillion at the start of the year and has risen to $35.26 trillion, the total change has amounted to $1.29 trillion in just under eight months.
Still, the figures demonstrate that the rise in indebtedness will likely only come close to the 2023 tally of $2.6 trillion and will remain significantly below the record $4.5 trillion recorded in 2020.
Unless drastic changes occur in the remaining months of 2024, the situation appears less dire than earlier projections of $1 trillion in borrowing every 100 days.
** Despite the silver lining for US debt, the situation remains dire
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 The situation remains concerning, given that the International Monetary Fund (IMF) has recently stepped up its warnings for America to address its chronic deficit and that neither of the candidates is likely to do much to mitigate the issue, at least in the short term.
As Andreja Stojanovic. a co-author of the research, pointed out:
“A second Trump administration would likely extend the 2018 Tax Cuts and Jobs Act (TCJA) but is unlikely to significantly reduce government spending, at least initially.”
In comparison, Stojanovic noted that “a Democratic administration would probably seek to increase both revenue and expenditures while simultaneously striving for tax cuts in other areas, making it unlikely to slow down government borrowing.”
The issue is further compounded by the steady and alarming growth of the burden, particularly since 2008, which has ensured that each American’s share of the debt rose to $109,000 by the end of 2024.
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