The US Department of the Treasury announced that the country's national debt has exceeded the $38 trillion mark for the first time. This is the highest figure recorded in US history and indicates that each citizen of the country owes more than $100,000.
The editorial office reports that the increase in federal spending in recent years, rising interest rates, and the record amount of funds spent on debt servicing are cited as the main reasons for this increase. Experts warn that this level of debt poses long-term stability risks for the US economy.
Economists state that Congress and the White House must urgently reconsider budget expenditures. It is noted that the 40 percent increase in debt compared to 2020 once again highlights the importance of continuous reforms in US financial policy.