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US Debt On Track to Increase by $5.2 Billion Per Day for the Next Decade

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
US Debt On Track to Increase by $5.2 Billion Per Day for the Next Decade

US Debt On Track to Increase by $5.2 Billion Per Day for the Next Decade

US Debt On Track to Increase, by $5.2 Billion Per Day , for the Next Decade.

Insider reports that the United States government is on track to exceed $50 trillion in debt by 2033, according to a November 7 note from Bank of America.

Bank of America cited data from the Congressional Budget Office.

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Currently, U.S. public debt is standing at $33.6 trillion.

According to Bank of America's investment strategist, Michael Hartnett, "fiscal excess in the 2020s" will cause the debt to surge by $20 trillion within the next decade.

According to Bank of America's investment strategist, Michael Hartnett, "fiscal excess in the 2020s" will cause the debt to surge by $20 trillion within the next decade.

U.S. public debt is... more than the combined GDPs of China, Japan, Germany and India, Michael Hartnett, Bank of America investment strategist, via Insider.

Insider reports that Hartnett added that U.S. outstanding debt is set to increase by $5.2 billion every day for the next decade.

That's about $218 million in new debt every hour.

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The Treasury Department has already had to auction off trillions in fresh bonds after the federal deficit jumped $320 billion to reach $1.7 trillion in 2023.

In October, estimated annualized debt interest payments exceeded $1 trillion.

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Likely central banks may simply bail out governments in coming years via quantitative easing and the introduction of yield curve control (policies that would be U.S. dollar negative), Michael Hartnett, Bank of America investment strategist, via Insider.

Likely central banks may simply bail out governments in coming years via quantitative easing and the introduction of yield curve control (policies that would be U.S. dollar negative), Michael Hartnett, Bank of America investment strategist, via Insider


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