US borrowing just crossed 100% of GDP — that’s over $35 trillion in national debt.
Some numbers to chew on:
• Debt-to-GDP ratio hasn’t been this high since WWII
• The US now pays nearly $1 trillion/year in interest alone
• By 2034, interest costs could outspend defense + all non-defense discretionary programs combined
So who’s holding the IOUs ? Top foreign owners of US debt:
1. Japan — ~$1.1 trillion
2. China — ~$770 billion
3. UK — ~$740 billion
4. Luxembourg — ~$370 billion
5. Canada — ~$350 billion
(The rest is held domestically….Social Security, Federal Reserve, pensions, etc.)
#NationalDebt #USEconomy #DebtToGDP #FiscalPolicy #EconomyWatch #m21 #TrillionDollarClub #WhoOwesWhom