"It took roughly 200 years to accumulate the first $1 trillion. Now we add that in a matter of months. Every child in America today carries a $530,000 share of this debt—a crushing legacy we must reverse."
"We now spend more than $1 trillion a year just on interest to service our debt—more than the entire defense budget and triple the amount when Biden took office."
"Figures on the private side of the economy like Jamie Dimon and Ray Dalio have warned over a reckoning caused by debt, and U.S. Federal Reserve chairman Jerome Powell has also expressed the need for an 'adult conversation' about the issue."
The U.S. debt has exceeded $39 trillion, with interest payments alone projected to reach $2.1 trillion annually by 2036. It took nearly 200 years to accumulate the first $1 trillion, but the U.S. now adds that amount in months. Each American child carries a debt burden of $530,000. Concerns about the financial trajectory are shared by various economic leaders, emphasizing the need for serious discussions on managing debt and interest costs. Proposals include maintaining a federal budget deficit at or below 3% of GDP.
Read at Fortune
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