The amount of American national debt broke the record. According to data released by the Biden government’s Revenue Department on Tuesday, the national debt is now over $30 trillion. According to the revenue department, the amount of government debt has increased by about seven lakh crore rupees from January last year to January 2022. As of January 2021, the US debt was about $23 trillion.
Multiple reasons for this skyrocketing debt have been pointed out. The first is a coronavirus. Over the past two years, several countries have been battling the Covid epidemic. Other than that, America has suffered huge business losses in this extreme situation.
According to the data, at the beginning of the recession in 2008, the US national debt was more than nine trillion dollars. It increased to $20 trillion at a point. The burden of this debt has increased over time. And during the time of Joe Biden, the total debt has increased by more than $3 trillion. Under these circumstances, short-term interest rates will soon be zero in controlling inflation. In that case, the move would be the first in four decades, according to a recent report.
