US National Debt Exceeds $36 Trillion

Peter Schiff, CEO and chief global strategist of Euro Pacific has sounded the alarm about the continued rise in US national debt, warning of its serious economic repercussion.

The economist said in a post on his X account- "The US national debt just surpassed $36 trillion, an increase of $8.2 trillion since President Joe Biden took office."

"It took 43 presidents 216 years to add the first $8.2 trillion to the US national debt, but Biden did it in less than 4 years," Schiff added.

President-elect "Donald Trump held the record for increasing the US national debt in a single term by $7.8 trillion, but Biden has broken that record," Schiff explained.

In a similar context, economist Steve Hanke criticized the growing US budget deficit, which ultimately contributes to the national debt. He said in a post on his account on X, "Hank's statistic today: In October alone, the US budget deficit reached $257 billion," commenting, "This amount is enough to buy all the NFL teams and more."

The prominent lecturer at Johns Hopkins University wondered, "Can the new Department of Government Efficiency (DOGE) established by billionaire Elon Musk put an end to this reckless spending?"

The International Monetary Fund (IMF) warned last April that the record level of US government debt threatens global financial stability.

The fund said that increased government spending, growing public debt, and rising interest rates in the United States lead to higher US Treasury bond yields, causing interest rates to rise in many countries around the world.

The Peter Peterson Financial Services Foundation expects US debt interest to reach about $12.4 trillion over the next decade, equivalent to $37,100 for every American citizen.