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
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children
The Ministry of Health in Gaza: Gaza's hospitals recorded six deaths due to starvation and malnutrition in the past 24 hours, all of them adults

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

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

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