The U.S. government’s gross national debt – the total amount of money owed its creditors and other financial obligations – hit a record high of more than $38 trillion on Oct. 22, the Treasury Department reported.
That translates to about $111,000 of debt per person in the United States, says the Peter G. Peterson Foundation, a think tank on fiscal policy.
The debt, which jumped $1 trillion in just 82 days from its previous record of $37 trillion on Aug. 2, is expected to keep rising, according to the Congressional Budget Office.
The CBO’s long-term outlook predicts the debt, “boosted by sustained deficits, will grow far beyond any previously recorded level over the next 30 years.”
You may think that’s simply a problem for Washington officials. However, the relentless increase in the national debt can affect you and your personal finances in terms of jobs, wages, loan costs and prices, says the Government Accountability…
