US National Debt Tops $39 Trillion, Adding to Pressure on Households and Businesses
JH Kim
Summary
- US national debt has surpassed $39 trillion, or about $116,000 per American.
- Widening fiscal deficits could increase borrowing costs for student loans, mortgages and small-business loans.
- Under current projections, the Social Security system's main retirement trust fund could become insolvent by 2032, highlighting the need for policy action to secure fiscal soundness.
Forecast Trend Report by Period
US national debt has surpassed $39 trillion, raising the prospect of heavier financial burdens for households and businesses.
Walter Bloomberg, citing The Conference Board on August 18, reported that US national debt had climbed above $39 trillion, or about $116,000 per American.
The Conference Board said widening fiscal deficits could increase borrowing costs for student loans, mortgages and small-business loans.
Under current projections, the main retirement trust fund in the Social Security system could become insolvent by 2032, highlighting the need for policy action to secure fiscal soundness.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.