Skyrocketing global public debt is set to reach $100 trillion by the end of this year, driven foremost by the US borrowing binge, a new analysis by the International Monetary Fund (IMF) has revealed.
This staggering sum represents around 93% of global gross domestic product (GDP). Modeling an “extreme adverse scenario,” the IMF found that the level of future debt could reach 115% of GDP in three years.
Further debt growth is anticipated in the US, Brazil, France, Italy, South Africa, and the UK.
US government debt currently stands at $35.68 trillion, with an analysis by the nonpartisan Committee for a Responsible Federal Budget indicating that it is only expected to grow amid “large structural deficits, surging interest payments, and the looming insolvency of critical trust fund programs.”
The US budget deficit during the Biden presidency has hit an all-time high at $6.6 trillion, Sputnik’s calculations based on data from the US Treasury Department showed in August. The US government’s expenses during the 3.5 years under Biden exceeded revenues by $6.6 trillion — the highest in the entire history of these statistics.
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