The data is known a few weeks after the US Congress reached an agreement Debt ceiling suspension – How much money the state can legally borrow – amid heated debates about the government’s financial sustainability.
The agreement prevented the United States from entering into a suspension of paymentswhich could have had a strong impact on the global economy, in exchange for setting a maximum limit on public spending at 2022 levels.
The Government Accountability Office (GAO), an independent body that advises the US Congress, recently pointed this out Public debt for fiscal year 2022 was 97% of GDP, thanks to the 50% drop in federal deficits that occurred last year.
The public debt figure is somewhat lower than the total debt, as it only includes money that the government owes to individuals and NGOs, according to Efe news agency.
However, in the same report, the bureau reported that The country is on an unsustainable financial pathwhich both Democrats and Republicans agree on — though there are different proposals to solve it.
This Friday, and Peter G. Petersen Foundationa billionaire-founded group that provides economic analysis and advice, she noted The total debt of the United States is greater than the value of the economies of China, Germany, Japan and the United Kingdom combined.
The group considers that the continuous increase in debt “threatens the economic future” of the countryand highlights that the US economy was already on an unsustainable path before the pandemic, which has accelerated the process.
In this sense, the newspaper The New York Times noted that the 32 trillion figure was reached nine years earlier than previous predictions of the pandemic.
The largest expenditures of the United States government are Social Security, health, economic aid, and defense.