The estimated national debt is about $34.27 trillion, according to the United States Department of … [+]
The estimated national debt is about $34.27 trillion, according to the United States Department of Treasury. Paying off the U.S. federal debt will prove to be a long-term challenge that could have a significant impact on the job market. For example, a default on the U.S. debt could lead to substantial job losses, potentially affecting millions of workers. In 2023, White House economists warned that a protracted default scenario could eradicate 8 million jobs from the U.S. economy.
“Without the ability to spend on counter-cyclical measures such as extended unemployment insurance, Federal and state governments would be hamstrung in responding to this turmoil and unable to buffer households from the impacts,” the Council of…
