₦airaland Forum

U.S Debt Crosses $40 Trillion For The First Time (Photos)

The total debt of the 🇺🇸 United States has surpassed $40 trillion for the first time in history, according to a Department of the Treasury update on Wednesday.

Ballooning debt, especially during President Donald Trump’s second term, which began in January last year, has been raising concerns about a looming fiscal crisis for some time, with economists fearing a toxic combination of heavy borrowing, increased spending and lower taxes could land the world’s biggest economy in crisis.

Fast-rising US debt comes despite Trump’s championing of cost-cutting and efficiency as a hallmark of his second term, with the nongovernmental Department of Government Efficiency (DOGE) slashing between 250,000 and 350,000 federal jobs and cutting global aid since the start of last year.

In May 2023, the Congressional Budget Office (CBO) predicted that the US would reach the $40 trillion mark in 2028.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB), a budget watchdog, said in a statement, “$40 trillion of debt doesn’t exist solely on the government’s ledgers; it is felt throughout the economy and finds its way to the pocketbooks of people one way or another.”

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🔗 Al Jazeera || Reuters

Cc Lalasticlala Nlfpmod Mynd44 Seun Mynd44 Nlfpmod Mynd44

Nearly all countries owed hundreds of trillions of dollars.. who exactly are we owing.. aliens..
I hope the US doesn't crash the financial system soon sha because they want to keep the dominance

Trump owes 1/3rd of all accumulated US debt.

Just like how Nigeria's public debt jumped from ₦12.6 trillion for 55 years after independence to ₦159.35 trillion in 11 years of APC led FG. Even after the removal of subsidy, floating of the naira, increasing customs duty, increasing electricity tariff, increasing VAT, PBAT alone added over ₦71T to Nigeria's debt in just 33 months with almost nothing to show for it.

Let them hire me let me help them print more money with their printing machine

As old as I am, I don't understand all these debts.
Countries are owing US yet US is owing?
Must everyone be in debts? This life na Better scam ooo

Who them dey owe? 😝😝😂

Global finance eh, if them explain am to you eyes go turn you.

Tinubu will soon borrow Yrump sine Naira and take over his(Trump) Olosho wife

Who them dey owe? These white fowls go just dey lie lie,up and down

And it will continue on the upward trajectory. Average American has been bled dry, Trump cut taxes far more than he cut government expenditure. It cost billions of $a day to service this debt, bond market are selling off their holdings, investors are requesting higher yields, worried about long term investment. It's only a matter of time everything goes kaboom. A great reset is coming and what precedes a reset? WAR!. Yes maybe 3rd WW is just around the corner, if it hasn't started already.

In saner climes like Nigeria, debt is less than $120bn

In a planet that was given to us for free with all the natural resources to sustain life for eternity, humans still managed to box themselves into a corner with the creation of this thing called monetary system

This kind of news is not good it will motivate Tinubu to continue borrowing

Let us educate ourselves.
Close to 80% of the US's debt is domestically owned.

Stephen0mozzy:
Who them dey owe? 😝😝😂

Global finance eh, if them explain am to you eyes go turn you.

Go to school, you said it’s a scam.

Now look at how you lost.

Who are they owing gangan sef 😂😂

Jakarta:
Just like how Nigeria's public debt jumped from ₦12.6 trillion for 55 years after independence to ₦159.35 trillion in 11 years of APC led FG. Even after the removal of subsidy, floating of the naira, increasing customs duty, increasing electricity tariff, increasing VAT, PBAT alone added over ₦71T to Nigeria's debt in just 33 months with almost nothing to show for it.

Nothing to show for what?

Did you see the massive constructions going on across the country?

We are currently upgrading our grid being handled handled by Siemens.

Are we using grass to achieve all that?

Watch how they will print more money to cover-up while importing raw materials from 3rd world countries to sustain the currency.
Print more, buy raw materials from poor countries, export finished products to them at a high rate, they pay in dollars to fund the deficit, the economy stabilized.

HacheNoire:
Nothing to show for what?

Did you see the massive constructions going on across the country?

We are currently upgrading our grid being handled handled by Siemens.

Are we using grass to achieve all that?

Massive construction keh, constructions wey dem dey use take do looting avenue. Upgrading your grid, yet Ur Aso rock wants to use ₦10B to install solar, no be juju be that? Your government don fit pay the over ₦3T igbese it currently owes electricity generation companies?