US Debt On Track to Increase by $5.2 Billion Per Day for the Next Decade
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
US Debt On Track to Increase by $5.2 Billion Per Day for the Next Decade
US Debt On Track to Increase, by $5.2 Billion Per Day , for the Next Decade.
Insider reports that the United States government
is on track to exceed $50 trillion in debt by 2033,
according to a November 7 note from Bank of America.
Currently, U.S. public debt
is standing at $33.6 trillion.
According to Bank of America's investment strategist,
Michael Hartnett, "fiscal excess in the 2020s" will cause
the debt to surge by $20 trillion within the next decade.
According to Bank of America's investment strategist,
Michael Hartnett, "fiscal excess in the 2020s" will cause
the debt to surge by $20 trillion within the next decade.
U.S. public debt is... more than
the combined GDPs of China,
Japan, Germany and India, Michael Hartnett, Bank of America
investment strategist, via Insider.
Insider reports that Hartnett added
that U.S. outstanding debt is set to increase
by $5.2 billion every day for the next decade.
That's about $218 million
in new debt every hour.
.
The Treasury Department has already had to auction
off trillions in fresh bonds after the federal deficit
jumped $320 billion to reach $1.7 trillion in 2023.
In October, estimated annualized debt
interest payments exceeded $1 trillion.
.
Likely central banks may simply
bail out governments in coming
years via quantitative easing and
the introduction of yield curve
control (policies that would
be U.S. dollar negative), Michael Hartnett, Bank of America
investment strategist, via Insider.
Likely central banks may simply
bail out governments in coming
years via quantitative easing and
the introduction of yield curve
control (policies that would
be U.S. dollar negative), Michael Hartnett, Bank of America
investment strategist, via Insider
How to Manage , Mounting Nationwide , Credit Card Debt .
According to TransUnion data, the average
credit card debt per borrower in the United States
has increased 8.5% year-over-year, reaching $6,218. .
The added pressure on consumers has made
it even more difficult to pay down their debts. .
Yahoo Finance recently sought expert advice
for insights into how Americans can manage
amid the current levels of credit card debt.
Discover Personal Loans Vice
President Dan Nickele highlights the debt
management benefits of personal loans.
One of the great things
about a personal loan is
that you can check your
rate without impacting your
credit report, so you can
explore your options. , Dan Nickele, Discover Personal Loans
Vice President, via Yahoo Finance.
And I think options are a consumer's
best friend, especially somebody
who's trying to manage their debt. , Dan Nickele, Discover Personal Loans
Vice President, via Yahoo Finance.
So I would encourage somebody
who thinks they might have a savings
opportunity to go out and figure out
what rates they can actually earn,
explore their options for
payments and rates, Dan Nickele, Discover Personal Loans Vice President, via Yahoo Finance.
Yahoo Finance points out that while the pace
of inflation showing signs of moderating, consumers
are still facing increased pressure on their budgets.
At the same time, Bank of America's annual Homebuyer
Insights Report found that 72% of potential homebuyers
are concerned about ongoing rent increases. .
A National Institute on Retirement Security
also found that 79% of Americans expressed
pessimism amid a retirement savings crisis
Credit: Wibbitz Top Stories Duration: 01:31Published
National Debt Set to , Top $56 Trillion, in the Next Decade.
'The New York Times' reports that the
United States is on track to add trillions of
dollars to the national debt in the next ten years.
On June 18, the Congressional Budget Office
said that the national debt will exceed
$56 trillion by the year 2034. .
The acceleration of borrowing
comes as increased spending and
interest expenses exceed tax revenues.
The nation's finances also continue to be weighed
down by the rising costs of Social Security and
Medicaid, exacerbated by elevated interest rates. .
Those increased rates have also
impacted the overall cost of massive
loans made by the federal government. .
For 2024, the budget deficit is projected to hit
$1.9 trillion, an increase from previous forecasts
which saw the figure reaching $1.6 trillion.
In the next decade, the annual
deficit is expected to skyrocket
by $2.9 trillion by the year 2034.
According to projections, this means the
share of debt held by the public in 2034 will
be 122% of the U.S. gross domestic product. .
According to projections, this means the
share of debt held by the public in 2034 will
be 122% of the U.S. gross domestic product. .
'NYT' reports that the news comes as lawmakers prepare
for a showdown over taxes and spending, as many
of Trump's 2017 tax cuts are set to expire in 2025.
'NYT' reports that the news comes as lawmakers prepare
for a showdown over taxes and spending, as many
of Trump's 2017 tax cuts are set to expire in 2025.
The nation's debt problem weighs heavily on
an aging population facing long-term shortfalls
like reduced retirement and medical benefits
Credit: Wibbitz Top Stories Duration: 01:31Published
US Tech Firm to Pay $38,000 in Penalties , After Posting Job Ad for ‘Whites Only’.
In March 2023, Virginia tech firm Arthur Grand Technologies posted a discriminating job ad on Indeed.com, 'The Guardian' reports. .
The ad read, "Only U.S. Born Citizens [white] who are local within 60 miles from Dallas.".
"[Don't share with candidates]," it added.
The ad quickly found attention on
social media and via numerous news outlets.
Within two months of being posted, the Department of Justice's civil rights division launched an investigation into the company. .
On May 23, Arthur Grand Technologies
agreed to pay over $38,000 in penalties.
$7,500 will go to the U.S. Treasury,
and $31,000 will be awarded to those
who filed discrimination complaints.
$7,500 will go to the U.S. Treasury,
and $31,000 will be awarded to those
who filed discrimination complaints.
The company will also be required to
"train its workers on the Immigration and Nationality Act," 'The Guardian' reports. .
Arthur Grand CEO Sheik Rahmathullah "vehemently denies any guilt or wrongdoing in relation to the discriminatory job posting," instead blaming a disgruntled employee.
Upon discovering this, we took
immediate and decisive action to
ensure that this type of incident
will never happen again, including
the immediate termination of
the responsible employee, Arthur Grand CEO Sheik Rahmathullah, via statement
Credit: Wibbitz Top Stories Duration: 01:30Published
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