The USA, the world leader in public debt, is dealing with the problem by erasing its debt ceiling established in its own law with the stroke of a pen. Are you good at it?

The US Congressional Budget Office (CBO) confirmed its previous forecast from last March that

the public debt may increase to 114 percent of GDP by 2033 and to 166 percent by 2054 from 99 percent last year.

According to a statement on the CBO's website, if private investment declines or government revenues and expenditures remain at 30-year average levels, the national debt could be even higher, reaching over 250 percent of GDP in 2054.

At the beginning of January this year, the national debt of the United States exceeded 34 thousand billion dollars, it increased by more than 4 thousand billion dollars last year.

On June 3, 2023, President Joe Biden signed into law a bill approved by Congress that suspends the U.S. national debt ceiling until January 1, 2025, and on January 2, 2025, the national debt at that time will automatically become the statutory debt ceiling.

Since debt is a negative asset, any human community whose debt is close to the sum of its total assets is in a critical situation.

The society of the American nation-state, increasingly unable to recognize the situation, is waging an increasingly brutal war against itself. Imperial America is waging an increasingly merciless war against its own nation to force it to cover the deficits it has caused, which it is increasingly less able and/or willing to do. And last but not least, imperial America is also waging war against the entire reluctant world in order to maintain its ever-weakening and increasingly less justifiable global power at literally any cost.

László Bogár

The country's previous national debt ceiling prescribed by law was 31.4 trillion dollars, which was already reached at the end of 2022, and if the upper limit had not been abolished, the United States would not have been able to repay its maturing national debt, and would have technically become insolvent.

Global debt in 2023

Region Gross debt (B) % of the world total Debt to GDP ratio
North America $36,451.8 37.5% 117.6%
Asia and the Pacific $34,257.4 35.3% 92.5%
Europe $20,123.4 20.7% 79.1%
South America $3,164.9 3.3% 77.2%
Africa $1,863.6 1.9% 65.2%
The rest of the world $1,269.1 1.3% 31.4%

We can see that North America has the highest both debt and debt to GDP compared to other regions.

Sources: MTI, Magyar Hírlap , Growth

Featured image: Gerd Altmann / Pixabay