In less than two years, the United States is on track to hit an unprecedented $50 trillion in national debt, sending shockwaves through financial circles worldwide.
The year kicked off with intense scrutiny on US debt as the country danced dangerously close to its debt ceiling. While tensions eased eventually, the financial challenges for the government only intensified.
As of now, the US national debt stands at a staggering $33.5 trillion. That’s roughly $99,858 of debt per US citizen or a jaw-dropping $258,257 per taxpayer.
With $16.5 trillion left to reach the ominous $50 trillion mark, at this rate, it’s a race against time. In just 577 days, the debt could surge past the $50 trillion milestone, potentially hitting it as early as May 2025.
To grasp the enormity of this figure, consider this: the entire market capitalization of the S&P 500 currently stands at $36.37 trillion. And the total wealth of the entire world in 2022? A mere $454 trillion.
As the US hurtles towards this eye-watering debt figure, questions loom about its implications for the economy, global markets, and the future of financial stability.
Stay tuned as we delve deeper into this unfolding crisis and explore its far-reaching consequences. The clock is ticking, and the stakes couldn’t be higher.