01:25 GMT +323 April 2018
Listen Live
    Treasury Secretary Steven Mnuchin, right, and his wife Louise Linton, hold up a sheet of new $1 bills, the first currency notes bearing his and U.S. Treasurer Jovita Carranza's signatures, Wednesday, Nov. 15, 2017, at the Bureau of Engraving and Printing (BEP) in Washington.

    Capitalism Run Amok: US National Debt at $21 Trillion

    © AP Photo/ Jacquelyn Martin
    Business
    Get short URL
    351024

    The US, the world’s leading debtor nation, has reached another questionable milestone in its seemingly headlong rush into economic oblivion.

    The combined debt of the United States has topped $21 trillion for the first time, according to government statistics, following an announcement a mere six months ago that the debt had hit $20 trillion for the first time.

    US President Donald Trump in February signed a letter to end the suspension of debt-limits, which now permits unlimited borrowing until March 1, 2019, according to Marketwatch.com.

    While a much wider US budget deficit is predicted by economists following the new December 2017 Trump tax cut, the rapid pace of large-scale borrowing has surprised many, as Washington's February $215 billion deficit is up 12 percent from the same month last year.

    The unprecedented debt figure is only the beginning, claimed
    Peter Peterson, an investment banker and former United States Secretary of Commerce under US President Richard Nixon.

    "Our national debt reached a staggering $21 trillion today, having grown by $1 trillion in just the past six months," Peterson noted, according to the Washington Examiner.

    "Worse yet, this unfortunate milestone has only just begun to include the effects of the recent fiscally irresponsible tax and spending legislation, which added more debt on top of an already unsustainable trajectory."

    Related:

    Inequality American Style: Airline Workers Sell Blood, Need Food Stamps to Eat
    From ‘Civil’ to ‘Moral’ Rights: US Inequality Campaign Declares Monday Strike
    Inequality, Insecurity, Multiple Controversies Divide Nation
    Tags:
    inequality, debt crisis, debt, Donald Trump, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment