Recent debt articles about America’s gross national debt have been causing alarm to many. With the economy still reeling from the effects of current financial triggers- the COVID-19 pandemic, high defense spending, and recession – understandably, Americans are keeping an eye on the issue. In October 2022, the U.S. Treasury reported that the national debt reached a record high of $31.14 trillion.
Like it or not, the ballooning national debt will affect Americans and their way of living for a few reasons:
These are some possible scenarios that could happen if the downward spiral continues. If the country defaults on its debt servicing, the possibility of losing control economically, socially, and politically becomes more prominent.
Debt articles like this can be alarming, but as it affects the American way of life not only in this generation but in the generations to come, we can’t help but be hopeful and sit tight until the economy gets better.
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