CoinDesk Reports:
U.S. Treasury Debt is Increasing at an Astonishing Rate
New data from the Treasury Department reveals that U.S. outstanding debt surged from $33.99 trillion on January 2nd of this year to $34.866 trillion as of July 2nd.
This represents an increase of $876 billion in just six months. The ballooning debt burden of the U.S. government has drawn attention from former Secretary of State and CIA Director Mike Pompeo.
In a recent post on the American Center for Law and Justice (ACLJ), a nonprofit organization based in Washington, Pompeo expressed concern that the rapidly expanding debt now poses a threat to national security.
Citing data from the nonpartisan federal agency Congressional Budget Office (CBO), Pompeo warned that the budget deficit for fiscal year 2024 is projected to reach $2 trillion, up $300 billion from last year’s $1.7 trillion deficit.
“Last year, our national debt was 97.3% of Gross Domestic Product (GDP); the CBO now estimates that it will swell to 122% of GDP in a decade. As a nation, our debt will exceed the total wealth of our economy—the largest, most vibrant, and most powerful economy in the world,” Pompeo stated.
The former Secretary of State argued that record-high levels of debt could lead to a depreciation of the dollar and open the door for America’s competitors to gain more influence on the global stage.
“In the long run, sustained high debt, interest rates, and inflation could weaken the value of the dollar—a disastrous outcome that would only benefit America’s adversaries in Beijing, Moscow, and Tehran as they seek to shift the global economy away from the United States.”
Pompeo emphasized that no entity, whether a business or a country of any size, is immune to the fatal impacts of deficit spending.
“It’s a fundamental fact: no matter how large or wealthy an enterprise is, deficits only lead to failure. Our federal government has forgotten this basic truth. We must recognize the threat posed by America’s ever-increasing debt to our country’s future, or it will be too late.”
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