With the U.S. national debt approaching $35 trillion, it’s not the size of the number as much as it is the pace of the increase that’s of most concern to experts.
Congress’s independent fiscal watchdog, the Congressional Budget Office, warns the U.S. fiscal debt growth is “unprecedented,” risking a possible crisis reminiscent of one impacting a U.S. ally just 18 months ago.
Former United Kingdom Prime Minister Liz Truss’s government issued more debt to fund tax cuts, which led to soaring borrowing costs and a dramatic intervention by the Bank of England pledging to buy bonds at “whatever scale is necessary.” Truss was forced to resign 45 days after taking office largely because of market chaos.
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Blackrock Inc. CEO Larry Fink is one person expressing dismay at the pace U.S. government debt is rising, saying that “the situation is more urgent than I can ever remember” and that “there’s a bad scenario where the American economy…
