U.S. Debt Increases by $865 Billion in One Month, Exceeding the Combined GDP of Finland, Hong Kong, and Greece
Nearly a trillion dollars have been added to the US national debt in the last month.
According to FiscalData’s most recent figures, the national debt as of June 2nd, this year, was $31.467 trillion.
On June 30th, after a month, the staggering sum had increased to $32.332 trillion, an increase of $865 billion.
The rapid increase in US debt over the last 28 days is more than the GDP of three major countries across the world put together.
As of 2022, the World Bank estimated that Hong Kong’s GDP was hovering at $359.83 billion. Finland’s GDP was $280.82 billion that year, whereas Greece’s was $219.06 billion.
The combined output of the three economies last year was $859.71 billion, which is less than what the United States racked up in debt in only four weeks.
The US debt is expected to expand at a far faster rate than GDP over the next three decades, according to a study published by the Congressional Budget Office (CBO) last month.
The Congressional Budget Office projects a GDP of $79.5 trillion for the United States in 2053, with debt rocketing to $143.895 trillion.
The government agency predicts that the United States economy would suffer as a result of the ballooning national debt.
