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US National Debt Hits $30 Trillion For The First Time

With trillions of dollars spent on aid programs for workers, small businesses and the like, the US national debt has spiraled to a height never seen before, with a total outstanding public debt of US$30.01 trillion as of January 31, reflecting Federal borrowing during the pandemic.

That is an increase of US$7 trillion from late January 2020, just before the pandemic hit.

Australia’s net debt meanwhile, is expected to be $729 billion at June 30, 2022.

With US inflation on a steep rise, it is expected Australia will follow.

In an effort to ease the financial turmoil, the US Federal Reserve has signaled it may soon raise short-term interest rates from near zero to curb inflation, which is at its highest level in nearly four decades.

Speaking on the staggering debt, Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget says, “It is the result of both borrowing for really important crises, most notably the Covid pandemic, but also trillions and trillions of borrowing for no reason other than politicians have stopped being willing to pay the bills.”

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