U.S. National Debt Soars to Dizzying Heights, Joining Global Debt Pile-Up

The United States, the world’s wealthiest nation, has seen its public debt skyrocket to a staggering $34 trillion, setting a new record even when adjusted for inflation. This alarming increase in debt levels is a trend mirrored in many major economies globally. The situation raises critical concerns about the long-term financial sustainability of key entitlement programs like Medicare and Social Security in the U.S., with debates intensifying in Washington. An impending battle over the debt ceiling is on the horizon, with the current agreement set to expire in January 2025. The U.S. debt-to-GDP ratio has climbed to a concerning 123%, according to the International Monetary Fund (IMF).