Debt may be something that accumulates over time, but new research shows that we may have been born into it.
Data gathered by Finbold revealed that the US national debt had reached a staggering $33.11 trillion. With the country current population sitting at 335.27 million, this means a debt burden of approximately $98K is attached to each citizen.
“National debt, also called government debt, represents the money a government owes to external and domestic creditors due to overspending,” the report explains. “It’s used to finance various expenses but can be risky if it becomes unsustainable. As the government continues to borrow money, it passes on the responsibility of paying back that debt to future taxpayers. The national debt is often described as a burden on future generations.”
It continues: “The US national debt crisis is not new but a long-standing issue exacerbated by the pandemic and its economic fallout. The consequences of such high debt levels are manifold and potentially devastating, with effects spreading to citizens. High debt levels can increase interest rates, reduce private investment, lower economic growth, limit fiscal flexibility, and undermine national security.”
Increasing inflation has shown to immensely affect Americans’ lives from the way they view their future to even the how they date.
As previously reported by ESSENCE, in 2022 Bloomberg stated that consumer price index category for food had increased 7.7% in June from 2021, while full-service restaurants went up to 8.9%. Grabbing a simple cocktail isn’t as easy either since costs for alcoholic beverages increase by 4% since 2021 as well.