(AGENPARL) - Roma, 28 Settembre 2023 - (AGENPARL) – gio 28 settembre 2023 For Immediate Release
Media contact: Justinas Baltrusaitis
Finbold.com
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** Born in the USA: You’re $98,000 in debt at birth
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The United States national debt has been ballooning to unprecedented levels, and citizens of different generations are feeling its impact on the economy. As the national debt continues its relentless climb into uncharted territory, future generations will inherit a substantial financial obligation.
Italy follows with a per capita national debt of $58,202, encompassing a total debt of $3.61 trillion. France is next in line with a per capita national debt of $55,828. The United Kingdom rounds out the top five, where each citizen bears a debt of approximately $54,667.
With a national debt of $3.36 trillion, Germany has its citizens owing $39,269.33 each. Canada, on the other hand, has a national per capita debt of $10,581.40, stemming from a national debt of $2.3 trillion.
Moving to China, which boasts the highest population worldwide at 1.47 billion, the per capita debt stands at $9,849, connected to a national debt of $14.5 trillion. Brazil ranks ninth with a population of 217.4 million, resulting in a per capita debt of $9,688.38, derived from a national debt of $2.1 trillion. India, with a population of 1.41 billion, has a per capita debt of $2,336 and a national debt of $3.29 trillion.
Implication of the growing US debt
The research highlighted the implication of a growing United States national debt. According to the research report:
“The US national debt crisis is not new but a long-standing issue exacerbated by the pandemic and its economic fallout. The consequences of such high debt levels are manifold and potentially devastating, with effects spreading to citizens. A default would likely trigger a severe national recession, send global economy shockwaves, and sharply increase unemployment rates.”
Addressing the national debt demands a mix of prudent fiscal strategies, placing the responsibility squarely on policymakers to grapple with complex spending priorities and revenue-generation decisions.
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