Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Quick Take
The United States’ mounting debt structure currently stands at a staggering $34 trillion, according to usdebtclock.org.
An escalating annualized interest accompanies this steep climb on the federal debt that exceeds $1 trillion and is projected to break through the $3 trillion threshold by Q4 2030, according to E.J. Antoni, an economist at Heritage & Comm4Prosperity.
Interest Expense: (Source: @RealEJAntoni)
Further compounding the issue, the United States grapples with a structural deficit. As indicated by analyst Joe Consorti, the federal deficit is worrying at -6.460% of the GDP. This signifies that government expenditure significantly surpasses its revenue. While the deficit witnessed during COVID-19 induced peak at -15%, it has since lowered to -6.4%, offering a glimpse of the government’s financial health.
Federal Deficit as a % of GDP: (Source: FRED)
The post US debt spirals past $34 trillion with interest forecasted to hit $3 trillion by 2030 appeared first on CryptoSlate.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.