America's national debt has hit another sobering milestone
Total public debt outstanding is now above $30 trillion, according to Treasury Department data published Tuesday.Government borrowing accelerated during the Covid-19 pandemic as Washington spent aggressively to cushion the economic blow from the crisis. The national debt has surged by about $7 trillion since the end of 2019.It's impossible to know how much debt is too much, and economists remain divided over how big of a problem this really is.
The 2017 Tax Cuts and Jobs Act will add $1 trillion to $2 trillion in federal debt between 2018 and 2025, according to the Tax Policy Center. The center notes that the impact will be even larger if some of the temporary tax cuts are extended.Political polarizationPeterson said the principal drivers of the"dangerous fiscal situation" remain an aging population and elevated healthcare costs. He blamed Republicans and Democrats alike for running up the national debt.
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