The current level of US debt has broken all previous records.
According to recently released data from the government’s FiscalData system, the national debt increased by $54.9 billion over the course of only five days.
The United States overall debt rose by $658 billion from June 16 to August 10, bringing the grand amount to almost $32 trillion.
The UN has issued a “grave warning” about the growing global debt crisis, coinciding with the record high.
In 2022, the sum of all public debt in the world hit a new record high of $92 trillion, as reported by the United Nations. This is a fivefold increase from the year 2000.
According to UN Secretary-General António Guterres, developing countries are bearing the full weight of the debt crisis.
“African countries, on average, pay four times as much as the United States or the wealthiest European economies to borrow money.”
About half of the developing world’s nations, or 52, are experiencing severe debt problems. Nineteen poor countries are now spending more on interest payments than on education, while another 45 are spending more on interest payments than on public health efforts, according to the United Nations.
The United Nations is advocating for a worldwide change in the financial infrastructure to increase poor countries’ access to inexpensive long-term finance and their liquidity in times of crisis.
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