Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Commander of the IRGC Aerospace Force's Air Defense General Davood Sheikhian was martyred
Al Mayadeen's correspondent: Ms. Bagheri worked as a journalist for the Defense Press Agency
Fereshteh Bagheri, daughter of Major General Mohammad Bagheri, was martyred alongside her father in the Israeli aggression this morning: Al Mayadeen's correspondent
Al Mayadeen's correspondent: Israeli aggression on the cities of Qasr-e Shirin and Kangavar in Iran's Kermanshah
Iranian TV: The Israeli entity attacked the Natanz nuclear facility again
Al Mayadeen's correspondent: Reports of a new Israeli aggression on the city of Shiraz, southwest Iran
Al Mayadeen's correspondent: Martyrs reported in the recent aggression on Tabriz
Al Mayadeen's correspondent: New attack near Tabriz airport
Iran's atomic energy organization says 'Israel's' attack is a failure for the IAEA as a result of its dirctor's 'shortcomings': Statement
Iran's atomic energy organization says investigations have not shown any radioactive or chemical contamination outside Natanz: Statement

US inflation causes national outstanding debt to exceed $31 trillion

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Oct 2022 16:27
  • 2 Shares
3 Min Read

Data from the US Treasury reveals that the US national outstanding debt has exceeded $31 trillion for the first time in the nation's history.

  • x
  • US national outstanding debt reached $31.1 trillion (Getty Images)
    US national outstanding debt reached $31.1 trillion (Getty Images)

US national outstanding debt exceeds $31 trillion for the first time in its history according to the US Treasury. This comes at a time when the US is faced with all-time high inflation coupled with high-interest rates, all of which deepen the economic uncertainty problem that the government, businesses, and people are all facing.

During the Covid-19 outbreak, the US government went on a borrowing binge aimed at shoring up the nation's economy as the pandemic heavily disrupted lives, labor markets, and supply routes. 

At the start of 2020, the outstanding US debt had increased by over $8 trillion. And then in 8 months, it had increased yet another $1 trillion.

At the initial time of borrowing during the Trump administration followed by Biden's administration interest rates still hadn't risen. However, at this time, the Federal Reserve has exponentially increased interest rates making borrowing costs far higher than what they were projected to be.

Related News

Former Biden spox. Matthew Miller says 'Israel' committed war crimes

FBI reopens investigations from Biden era, including WH cocaine file

The Committee for a Responsible Fiscal Budget (CRFB) forecasted last month that President Joe Biden's policies might raise deficits by $4.8 trillion between 2021 and 2031.

According to a CRFB statement “Excessive borrowing will lead to continued inflationary pressures, drive the national debt to a new record as soon as 2030, and triple federal interest payments over the next decade – or even sooner if interest rates go up faster or by more than expected.”

Alex Pelle, the US economist for Mizuho Securities, commented on the situation saying “Any type of debt issue is really a potential issue – I wouldn’t even say a certain issue – but a potential issue for five to 10 years down the road,” highlighting that “One of the benefits of being the world’s reserve currency is everyone wants to buy your debt for cheap.”

Pelle also argued that currently, the most significant US concern should be inflation and not the sky-high outstanding debt it has accumulated. He considered the outstanding debt to be a "very large problem," however, it is a very large problem in the future; long-term. In the short term, he explained high levels of inflation have a more severe impact on the country's economy.

Read more: US Fed Vice Chair: Federal Reserve could overdo interest rate hikes

  • Biden administration
  • Federal reserve
  • US debt
  • US Federal Reserve
  • Trump administration
  • US inflation
  • US Treasury
  • US interest rate hikes

Most Read

The logo of the Iranian Ministry of Intelligence (wikidata)

Iran acquired thousands of sensitive Israeli documents: Exclusive

  • Politics
  • 7 Jun 2025
'Israel' launches major strike against Iran's nuclear program

'Israel' launches massive aggression on Iran

  • MENA
  • Today
Iranian demonstrators walk on a caricature of the Israeli Prime Minister Benjamin Netanyahu during the annual Quds Day rally in support of Palestinians, in Tehran, Iran, Friday, March 28, 2025 (AP)

Iran hits 'Israel' hard without arms; intel breach lays Tel Aviv bare

  • Politics
  • 7 Jun 2025
The flag of the International Atomic Energy Agency flies in front of its headquarters during an IAEA Board of Governors meeting in Vienna, Austria, Wednesday, Nov. 22, 2023. (AP)

Tehran unravels documents exposing secret IAEA-'Israel' collusion

  • Politics
  • 12 Jun 2025

Coverage

All
War on Gaza

Read Next

All
U.S. National Guard are deployed around downtown Los Angeles, Sunday, June 8, 2025, following a immigration raid protest the night before. (AP Photo/Eric Thayer)
US & Canada

ICE raids in LA trap families in harsh conditions: Lawyers

Colombia's President Gustavo Petro speaks at a rally to garner support for a referendum on labor reform, in Cali, Colombia, on June 11, 2025. (AP Photo/Santiago Saldarriaga)
Politics

Petro slams US-linked coup plot, signs decree for popular consultation

President Donald Trump speaks as he signs executive orders in the Oval Office of the White House on April 17, 2025. (AP)
US & Canada

World sees Trump as ‘arrogant’, ‘dangerous’ as ratings sink: Poll

he Department of Defense logo is seen on the wall in the Press Briefing room at the Pentagon on, Oct. 29, 2024 in Washington. (AP Photo/Kevin Wolf, File)
Politics

Future of $240bln AUKUS deal in doubt as Pentagon launches review

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS