America – with its $19 trillion debt – may still be considered the most powerful nation in the world, and its U.S. dollar is still the primary currency used globally. However, these facts do not take away the reality that the country is on a steep slope because of its debt, which is increasing at an alarming rate.
According to data from the U.S. Treasury Department, which was released on Monday, U.S. debt has hit an all-time high of $19 trillion, or exactly $19,012,827,698,417.93, when trading ended on Friday.
— Washington Examiner (@dcexaminer) February 2, 2016
This means that the nation’s debt has increased by $1 trillion over the course of just 13 months. On Dec. 15, 2014, the U.S. debt was $18 trillion.
In the data, a large chunk of the total debt, $13.7 trillion, is debt held by the public, while the remaining amount is attributed to government borrowing that has accumulated in the last three decades.
Originally, the debt ceiling for the country was set to $18.15 trillion back in October, although it appeared that analysts underestimated just how fast the U.S. debt was growing. With the current debt, there should be a new “debt ceiling'”of $19.6 trillion until the end of President Barack Obama’s term.
— Fox News (@FoxNews) February 1, 2016
Speaking of the country’s Commander-in-Chief, during his two terms in the White House, the nation has reportedly gone from about $10 trillion to a $19 trillion debt.
Considering how long it took the United States to reach $1 trillion and $10 trillion debts, the exponential rate of the nation’s growing debt is nothing short of astounding.
In a report by Sovereign Man, the U.S. reached $1 trillion in debt for the first time in its history on October 22, 1981. But by that time, the world’s most powerful nation had already declared its independence, colonized territories outside the mainland, fought the Great Depression, undergone two World Wars, and sent people to space.
These were several reasons why some were surprised that the American debt went up to $10 trillion only 27 years after.
See What $19 Trillion In Debt Actually Looks Like – It’s Scary
Still, the country succeeded in defeating the Soviet Union in the Cold War, launched several attacks on countries in the Middle East, waged the War on Terror after the 9/11 attacks, bailed out the U.S. banking system, and did other things that some would say justify the increase in debt.
However, just eight years after reaching $10 trillion, the U.S. debt has climbed to another record high, and this time, the report mentioned that the administration has nothing to show for all the debt it has created.
To cite examples that America’s economy is collapsing, the cash flow in both of the Disability Trust Fund and the Highway Trust Fund have dried up. In addition, the Federal Reserve became unable to pay back these debts, which only made them larger.
Republicans in Congress argue that the increase in debt is caused by the reckless spending by the White House of the country’s resources.
For the past several years, the federal government has reportedly been free to borrow as long as the national debt not not reach its “debt ceiling,” which the Congress approved.
Unfortunately, this was not followed.
— Francesca Alba (@CrowdEstate) December 13, 2015
According to the Washington Examiner, Congress often suspends the debt ceiling, which allows the federal government to continue borrowing. In November, the debt ceiling was suspended once more due to the increasing load of “borrowing demand” from the government. This led to a huge jump in the U.S. debt in just a single day.
The Congressional Budget Office states that America may have a debt of about $30 trillion dollars in the next 10 years, but with the current rate, the nation could reach that amount earlier than expected.