Drowning in debt Illustration: Liu Rui/GT
The US federal government’s public debt has skyrocketed at a breakneck pace to an unprecedented $35 trillion, smashing the record set just months ago and sending fresh worries to the global market. The reading once again reminded the world of the ticking time bomb it has to face as a result of a series of irresponsible decisions made by the US government, Chinese observers said on Tuesday.
Data from the US Treasury Department released on Monday afternoon (US time) showed that the gross national debt hit $35,001,278,179,208.67. That equates to $104,497 per person in the US.
The alarming milestone comes just months after the US eclipsed the $34 trillion threshold in early January 2024, while the $33 trillion mark was reached in September 2023, according to US media outlet Fox Business.
By comparison, the US national debt hovered around $907 billion just four decades ago.
The debt milestone has…
