Pak Sahafat – The website of the CNN news network wrote: The national debt of the United States, at the same time as the unprecedented inflation rate, the high interest rate and the increase in economic instability, crossed the 31 trillion dollar mark for the first time.
According to Pak Sahafat News Agency’s report on Wednesday, CNN added: The U.S. Treasury Department reported that the total U.S. national debt reached nearly $31.1 trillion as of Monday.
The US government was forced to borrow to help the country’s economy during the corona virus that disrupted markets and the supply chain of goods.
The outstanding debts of this country have increased by nearly 8 trillion since the beginning of 2020 and have increased by 1 trillion dollars in just 8 months.
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US government borrowing began during the presidency of Donald Trump and continued until the beginning of the Joe Biden administration, while interest rates were low. Now, while inflation in this country is at an unprecedented high and several rounds of federal efforts Reserve for interest rate hikes in the fight against price controls, the cost of borrowing is much higher.
The Federal Budget Committee estimated last month that Biden’s policies could add $4.8 trillion to the budget deficit between 2021 and 2031.
The report of this committee states: More borrowing will lead to the continuation of inflationary pressures and push the national debt to a new record by 2030.
The statistics of the US Treasury Department show that: the level of US borrowing has increased in the last decade. When Barack Obama took office on January 20, 2009, the US debt was $10.6 trillion. When Donald Trump came to power on January 20, 2017, this figure reached $19.9 trillion, and when Biden took office on January 20, 2021, it increased to $27.8 trillion.