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U.S. hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic (www.pbs.org)

submitted 1 month ago by MicroWave@lemmy.world to c/economics@lemmy.world

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In the midst of a federal government shutdown, the U.S. government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet.

It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year.

The $38 trillion update is found in the latest Treasury Department report, which logs the nation’s daily finances.

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[–] Johnmannesca@lemmy.world 3 points 1 month ago

We all knew hiring actors to feign competence was always gonna be expensive, but more expensive than the pandemic is stifling.