US debt climbs $572,000,000,000 in 2 weeks, total US debt tops China, Japan, UK's combined GDP

Over just the last two weeks, more than half a trillion dollars has been added to the United States' total debt, making the new total $32.03 trillion.

1 minute & 36 seconds read time

The numbers have been released regarding the United States national debt, and as of June 15, the total US debt has reached $32.03 trillion.

US debt climbs $572,000,000,000 in 2 weeks, total US debt tops China, Japan, UK's combined GDP 6551

According to the FiscalData that was recently released, there was a $571 billion increase in debt from June 1, when the total was at $31.46 trillion, to June 15, its current total of $32.03 trillion.

DailyHodl points out that the total US debt now exceeds the combined Gross Domestic Product (GDP), the measurement used to determine the total value of the goods and services provided by a country, of China, United Kingdom, Japan, and Germany. Another way to look at it is every American household has a debt of approximately $244,000.

To attempt to illustrate how big $32.03 trillion truly is, even if every American household starting paying $1,000 per month it would still take 20 years for the entire debt to be paid, especially considering that the US is paying over $2 billion a day in interest.

What's the negative for Americans in particular? Well, the debt is continuing to increase. In other words, right now we're at $31 trillion. It takes 8% to payback-adjust their debt of the taxes. And you would say, 'Well it's only that percentage.' Well, you can argue that, yes. But if it continues to increase and there is a downturn at some stage, then of course America is going to struggle to pay its debts.

I ask myself the question: it's $31 trillion right now, is it more likely to go to $50 trillion or $25 (trillion)?

Ultimately, (the) reality is it's more likely to go to $50 trillion than it is to go up to $25 trillion. So we've got this continuing situation. It's not a bust right now but (at) some stage in the future, America has to repay its debt. There's a lot of debt. It has to be bought. It has to have a high enough interest rate. If we continue down this path, in terms of what's likely over the next five and 10 years, then you would reach a point that that balancing act becomes very difficult," said Nigel Green, CEO of global financial advisory firm deVere Group.

Buy at Amazon

Diablo IV - PlayStation 5

TodayYesterday7 days ago30 days ago
Buy at Newegg
* Prices last scanned on 10/2/2023 at 6:31 pm CDT - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

Newsletter Subscription

Related Tags