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'A major problem':
The US is now a record $31 trillion in debt, made worse by rising interest rates — and this is who holds the IOUs
Lauren Bird
Wed, November 9, 2022 at 1:00 PM GMT+1
The gross national debt in America has hit new heights, surpassing $31 trillion, according to a recent U.S. treasury report.
If you find that hard to wrap your head around, it basically boils down to more than $93,000 of debt for every person in the country, according to the Peter G. Peterson Foundation.
And with the dramatic rise in interest rates over the past few months — the Fed funds rate is currently between 3.7% and 4% — the national debt will be growing at a rate that makes it even harder to ignore.
“Interest rates are a major problem,” says Phillip Braun, clinical professor of finance at North Western University’s Kellogg School of Management.
“The Treasury finances the debt with a lot of short-term borrowing … It'll push other budgetary items out.”.............
https://finance.yahoo.com/news/us-nation...00112.html
The US is now a record $31 trillion in debt, made worse by rising interest rates — and this is who holds the IOUs
Lauren Bird
Wed, November 9, 2022 at 1:00 PM GMT+1
The gross national debt in America has hit new heights, surpassing $31 trillion, according to a recent U.S. treasury report.
If you find that hard to wrap your head around, it basically boils down to more than $93,000 of debt for every person in the country, according to the Peter G. Peterson Foundation.
And with the dramatic rise in interest rates over the past few months — the Fed funds rate is currently between 3.7% and 4% — the national debt will be growing at a rate that makes it even harder to ignore.
“Interest rates are a major problem,” says Phillip Braun, clinical professor of finance at North Western University’s Kellogg School of Management.
“The Treasury finances the debt with a lot of short-term borrowing … It'll push other budgetary items out.”.............
https://finance.yahoo.com/news/us-nation...00112.html
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