The US debt has skyrocketed by $876,000,000,000 in six months, the national debt is growing at a rapid pace.
New data from the Treasury Department shows that the country's outstanding debt has risen from $33.990 trillion as of January 2 this year to $34.866 trillion as of July 2.
This represents an increase of more than $876 billion in six months.
The US government's growing debt burden has caught the attention of former Secretary of State and former CIA Director Mike Pompeo.
In a new post published by the Washington-based nonprofit American Center for Law and Justice (ACLJ), Pompeo argues that the country's growing debt now poses a national security threat.
Pompeo cited data from the Congressional Budget Office (CBO), a nonpartisan federal agency, warning that the fiscal year 2024 budget deficit is estimated at $2 trillion—$300 billion more than the $1.7 trillion deficit recorded last year.
“Last year, our national debt was 97.3% of our national GDP; in ten years, the CBO estimates it will grow to 122% of GDP. We as a nation will literally have more debt than the combined wealth of our economy—the largest, most dynamic, and powerful in the world—is capable of producing.”
The former secretary of state said the country's record high debt levels would likely weaken the dollar and open the door for U.S. rivals to increase their influence on the world stage.
“Persistently high levels of debt, interest rates, and inflation could combine to weaken the value of the U.S. dollar over the long term—a disastrous outcome that would only benefit America's adversaries in Beijing, Moscow, and Tehran as they seek to alienate the global economy from the United States.” .
Pompeo emphasizes that no company or country, regardless of size, is immune to the damaging effects of running on deficits.
“It is a fundamental truth: no matter how big or rich a business may be, scarcity only leads to failure. Our federal government has forgotten this important truth. We must recognize the threat America's growing national debt poses to our country's future before it is too late."
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