The US government added $47 billion in new debt just yesterday.
Since the resolution of the debt ceiling crisis in June 2023, the total US debt has soared by approximately $3 trillion, hitting $34 trillion, doubling since 2014. This surpasses the combined economies of major countries, with the US paying $2 billion in interest daily and per capita debt reaching $101,000.
Record interest payments are currently at $1.8 billion per day, doubling from $900 million three years ago, reflecting a total US debt increase from $23 trillion to over $33.80 trillion, a $10.80 trillion surge.
The US government has been accumulating debt at a rapid pace of around $10 billion per day since October 1st.
The US debt ceiling remains effectively uncapped for the next 340 days.
If the current borrowing rate persists, the federal debt could exceed $37 trillion by the end of this year.
Jamie Dimon, chairman and CEO of JPMorgan Chase, warns that the U.S. is rapidly approaching a fiscal cliff due to the escalating national debt, emphasizing the urgent need to address the situation before it escalates into a crisis.
JPMorgan issues a warning, likening the US economy to a “boiling frog” scenario, highlighting the impact of the staggering $34 trillion national debt.
