Just now, the national debt of the United States of America reached a new all-time high of $34.75 trillion.
New numbers from the United States Treasury’s Debt to the Penny database indicate that the nation’s outstanding debt increased by $69.41 billion in a single day, which is the new milestone that has been reached during this period.
The entire amount of outstanding public debt in the United States is expected to reach $50.7 trillion by the end of the year 2034, as stated in a report that was just released by the Congressional Budget Office (Congress Budget Office).
According to projections, the national debt will reach 109% of GDP in the year 2028, which is a higher percentage than it has ever been at any other time in the nation’s history.
At the end of the forecast period, the debt would be equivalent to 122% of GDP, which is approximately 25 percentage points higher than it was at the end of 2023 and two and a half times its average percentage over the preceding 50 years. This would be seen as a continuation of the trend of debt accumulation over the remainder of the projection period.
In just four months, the agency stated that it anticipated the debt to reach $48.3 trillion by 2034, which is equivalent to 116% of GDP. The current forecasts are much higher than those that were made just four months ago.
According to projections made by the CBO, the rate of inflation will decrease for the balance of this year and for the following year.
“The rate of inflation increased during the first quarter of 2024, after having decreased since the latter half of 2022. The Congressional Budget Office (CBO) forecasts that inflation will decrease for the remainder of 2024 and in 2025, achieving the target of 2 percent set by the Federal Reserve by 2026 and then stabilizing after that.
It is anticipated that the Federal Reserve will initiate a reduction in the federal funds rate sometime in the early years of 2025 as a response to the subsequent decline in inflation.
