Over the past three weeks, the total U.S. federal debt has increased by $473 billion to a record $35.8 trillion.
According to microblogging platform X (formerly Twitter), the increase means that there is now $103,700 of debt per American, according to the economic publication Kobeissi Letter.
In addition, interest payments this year reached $1.16 trillion, surpassing $1 trillion for the first time. In fiscal year 2024, the country will be paying $3,360 for every American.
This is not a
means that in the last three weeks alone, total U. S. debt has increased by $473 billion to a record $35.8 trillion.
This means that in the last three weeks, every American owes $BTC A subsequent post on microblogging platform Kobeissi Letter notes that U. S. deficit spending as a percentage of gross domestic product (GDP) is at World War II levels and that unsustainable is putting it mildly in relation to the current situation.
As CryptoGlobe reports, the U. S. Federal Reserve (Fed) is moving to a no-landing scenario to avoid a recession as inflation has fallen more than 5.8 percent in the past two years, the biggest drop since the 1980s, while unprecedented attempts are being made to avoid a recession and debt is rising.
This rate of decline exceeds that of the 2008 financial crisis and has never been seen outside of a recession.
It is worth noting the fall in interest rates and the success of the Federal Reserve, which is conducting one of the most aggressive rate hiking cycles in history, raising rates from zero to 5.5% in 16 months.
Despite these indicators, Jamie Dimon, CEO of JP Morgan Chase, remains concerned about the state of the global economy and the continuing geopolitical threat from the axis of evil.
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