US Public Debt Reaches $23.2 Trillion, Almost Three Times More Than China’s

PUBLIC DEBT - Data gathered by LearnBonds.com indicates that the United States public debt hit a record high of $23.2 trillion in 2019. The data shows an increase of more than $1.2 trillion within a year.

US Public Debt Continues to Soar.

The debt showed a spike from July 2019 when it hit $22.02 billion. The rising national debt coincides with the dropped tax revenue in the wake of increased federal spending.

The debate of lowering national debt has dominated political space with both Democrats and Republicans proposing solutions to lower the debt. However, all signs indicate that the debt will significantly rise in the coming years. The report says:

“Based on the current growth rates, it is projected that the debt might reach $28.7 trillion by 2029, driven by mandatory spending initiatives like Social Security, Medicare, and Medicaid. "

Interestingly, the US national debt is almost three times higher compared to China’s, which has $8.3 trillion. Globally, Japan has the second-highest national debt at $11.3 trillion.

ABC Notes: In the American system one billion is 1,000,000,000 and a trillion is 1,000,000,000,000 so one trillion is one thousand times one billion. In the British system one billion is 1,000,000,000,000 and one trillion is 1,000,000,000,000,000,000 so one trillion is one million times one billion.

ABC Comment, have your say below: