US national debt exceeds $30 trillion first time in history

In the document published by the Ministry of Finance, the column “total public debt” indicates the amount of $30.012 trillion. This is the highest level of US government debt ever.

According to The New York Times, the current values ​​were reached several years earlier than expected. This was the result of the trillions in federal spending the United States has sent to fight the pandemic, including $5 trillion in expanded unemployment benefits, small business bailouts, and borrowed-money-funded stimulus payments.

With the number of COVID-19 cases declining in the first half of 2021, the US economy experienced a sharp recovery in GDP growth: 6.3% in the first quarter and 6.7% in the second. However, growth slowed to 2.3% in the third quarter. Experts attributed this to the spread of the Omicron strain, high inflation (by the end of December 2021, it reached 6.8% – the highest since 1982) and problems in global supply chains.

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