How will America become great, Trump's country is already drowning in the quagmire of debt!
America's debt has reached $105.2 trillion, 3.5 times GDP. Federal debt alone has reached $38.2 trillion. Personal, mortgage, and student loans are also adding to the burden. It is estimated that federal debt could reach $50 trillion by 2028.
When Donald Trump coined the slogan "Make America Great Again," millions of Americans and people around the world hoped for a new economic revolution. But the opposite has been true.
The US economy is facing a growing burden that is casting doubt on the future of the world's most powerful nation. We're talking about the country's total debt, which has now reached alarming levels.
America's total debt has now reached $105.2 trillion. Simply put, this debt is approximately 3.5 times America's gross domestic product (GDP). This is a dangerous sign for any economy.
The US federal government's debt is constantly rising, resulting in billions of dollars in interest every year. This massive debt wall isn't just the federal government's burden, but also includes the liabilities of ordinary citizens.
The federal government's debt is $38.2 trillion, setting new records every year. Furthermore, it also includes personal debt ($26.4 trillion), mortgage debt ($21.3 trillion), and student education debt ($1.8 trillion).
USA will be $50 trillion in debt by 2028
The US federal government's debt is running rampant. A glance at the debt figures is enough to understand how serious the situation is.
- In October 1995, this debt was $4.9 trillion.
- By October 2005, it had almost doubled to $8 trillion.
- In the next ten years, by October 2015, this figure had reached $18.1 trillion.
- In 2025, it is expected to rise rapidly to $38.2 trillion.
- It is estimated that by 2028 the federal government's debt will reach $50 trillion.
Economists believe this growth isn't going to stop here. The biggest concern is that billions of dollars are being spent every year to pay interest on this massive debt.
America is paying billions of dollars daily in interest alone. Just imagine how different America would be if this money were invested in road construction, education improvements, healthcare, or new technology instead of interest payments.