ThetotalU.S.Federaldebtgrewbyawhopping$473billionoverthepastthreeweekstoreacharecord$35.8trillion,meaningthatthecountryhastakenon$1,450ofdebtforeveryAmericaninthatsameperiod.
AccordingtotheeconomicsoutletKobeissiLetteronthemicrobloggingplatformX(formerlyknownasTwitter),therisemeansthattheU.S.nowholds“arecord$103,700ofdebtforeveryAmerican.”
Ontopofthat,interestpaymentsthisyearhavereached$1.16trillion,meaningit’sthefirst-everyearinwhichthefiguresurpassed$1trillion,withthecountrypaying$3,360foreveryAmericanduring2024’sfiscalyear.
Youcan\'tmakethisup:
TotalUSdebthasjumpedby$473BILLIONoverthelast3weeksalone,toarecord$35.8trillion.
ThismeanstheUShastakenon$1,450ofdebtforEVERYAmericanoverthelast3weeksalone.
ItalsomeansthattheUSnowholdsarecord$103,700ofdebt…pic.twitter.com/0ocgYe56A5
—TheKobeissiLetter(@KobeissiLetter)October21,2024
Inafollow-uppostonthemicrobloggingplatform,KobeissiLetteraddedthatUSdeficitspendingasapercentageofitsGrossDomesticProduct(GDP)is“atWorldWar2levels,”notingthat“unsustainableisanunderstatement”whenreferringtothesituation.
AsCryptoGlobereported,thegrowingdebtiscomingatatimeinwhichtheU.S.FederalReserveisattempting“somethingunprecedented”asitmovestoanolandingscenario–inwhichtheeconomyavoidsadownturn–asinflationdroppedbyover5.8%inthelasttwoyear,inthebiggestdropsincethe1980s.
Thedropisbeyondthatofthe2008FinancialCrisisandhas“neverbeenseenoutsideofrecessions.”TheinterestratecutsandtheFederalReserve’scourseisnotable,asitconducted“oneofthemostaggressiveratehikecyclesinhistory,raisingratesfromnearzeroto5.5%in16months.”
Despitethesemetrics,JPMorganChaseCEOJamieDimonisinsteadworryingabouttheglobaleconomicsituationverongoinggeopoliticalthreatscomingfroman“evilaxis”thatshows“thatconditionsaretreacherousandgettingworse.”
HenotedthatinflationismovingdownandtheUSeconomyseeminglyavoidedarecession,although“severalcriticalissuesremain,”including“largefiscaldeficits,infrastructureneeds,restructuringoftradeandremilitarizationoftheworld.”
Dimonhasbeenwarningaboutgeopoliticalinstabilityforoveranyearandrepeatedlycalleditthelargestthreattoglobaleconomy.Hehassaid,attheFinancialMarketsQualityConferenceinWashingtonlastmonth,that“Iran,NorthKoreaandRussia,Ithinkyoucanlegitimatelycallthem(an)evilaxis.”
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