The US national debt has broken through 38 trillion dollars, becoming a hot topic in the United States. The uncontrolled national debt has become a huge burden for the US government.
At the time of the federal government shutdown, the total US national debt exceeded 38 trillion dollars on Wednesday, a record number that highlights the accelerating trend of debt accumulation on the US balance sheet.
This is the fastest rate at which US debt has increased by one trillion dollars, except during the COVID-19 pandemic - in August this year, the total US national debt had already reached 37 trillion dollars. The latest figure of 38 trillion dollars comes from the latest report by the Treasury, which records the daily financial status of the country.
Kent Smetters from the Penn Wharton Budget Model at the University of Pennsylvania, who worked in the Treasury Department during the presidency of George W. Bush, told Associated Press that as the debt burden grows over time, it will eventually lead to higher inflation, weakening the purchasing power of Americans.
The Government Accountability Office (GAO) listed some impacts of the rising government debt on Americans - including increased borrowing costs for mortgages and cars, reduced funds for business investment leading to lower wages, and higher prices for goods and services. "I think many people want to know whether their children and grandchildren can have a good life in the future - they can afford to buy a house," said Smetters. He said, "extra inflation will be added on top of each other" and weaken consumers' purchasing power, making it harder for future generations to achieve the goal of buying a house.
Original: www.toutiao.com/article/1846779609146636/
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