By DCB Editorial, October 21, 2024
The YouTube channel ColdFusion discusses the implications of the U.S. national debt crisis. Simply put, America is currently spending more than it earns. The U.S. GDP (Gross Domestic Product), which represents the country’s annual economic output, totals $27 trillion annually.
However, the real problem is that the U.S. spends approximately $30 trillion each year, forcing the government to borrow money to cover the deficit. This borrowing often funds activities like foreign interventions, military spending, and contributions to the military-industrial complex.
Regardless of the reasons, the United States cannot indefinitely sustain its growing national debt, which could eventually lead to bankruptcy.
The interest on the U.S. debt repayment currently stands at $1 trillion per year, and the borrowing continues as America remains engaged in multiple global conflicts and international obligations.
