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US debt spirals past $34 trillion with interest forecasted to hit $3 trillion by 2030

After peaking during COVID-19, the US deficit now stands at -6.4% of GDP amid a $34 trillion debt burden.

James Van Straten
Jan. 26, 2024 at 10:37 am UTC
1 min read
Updated: Feb. 17, 2024 at 5:11 pm UTC

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)
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)
Federal Deficit as a % of GDP: (Source: FRED)
Analyst View profile
James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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