U.S. Debt Soars Beyond $1 Trillion in Annual Interest for the First Time; Debt to Hit $50 Trillion by 2033
by Emmitt Barry, Worthy News Correspondent
by Emmitt Barry, Worthy News Correspondent Trillion in Annual Interest for the First Time; Debt to Hit Trillion by 2033 1">
(Worthy News) — Based on data from the Congressional Budget Office, a Bank of America note predicts that the U.S. government will surpass $50 trillion in debt by 2033, reported Business Insider. Simultaneously, according to the Treasury’s calculations, the total interest has eclipsed $1 trillion this year, precisely reaching $1.027 trillion, marking the first instance of crossing the trillion-dollar threshold in a single year.
The current outstanding US public debt stands at $33.6 trillion. It is projected to surge by $20 trillion, reaching $54 trillion in the next decade, driven by what Bank of America investment strategist Michael Hartnett describes as “fiscal excess in the 2020s.”
“US public debt is… more than the combined GDPs of China, Japan, Germany, and India,” stated Hartnett.
Hartnett concluded that the outstanding debt is poised to increase by $5.2 billion daily, equating to $218 million per hour, over the next ten years.
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