U.S. National Debt Hits $30 Trillion for First Time
February 1st, 2022Via: National Review:
The U.S. national debt hit and exceeded $30 trillion for the first time in the country’s history Tuesday, Treasury Department data confirmed.
The ballooning debt is largely attributed to the massive social spending prompted by the Covid-19 pandemic. Since the end of 2019, the national debt grew by an astonishing $7 trillion. The announcement comes as the Fed is expected to raise interest rates as early as March to curb inflation and an over-heating economy plagued by supply and demand imbalances. The Fed’s likely move will be the first series of hikes since 2015 and will, by default, increase borrowing costs for the U.S. to finance its debt.
