America’s national debt level has just surpassed $30 trillion for the first time in history
The devastating financial impacts of the pandemic becoming clearer day by day for the United States with the government now in debt by $30 trillion.
Total public debt increased dramatically as government borrowing was accelerated to help cushion the economic blow of COVID-19.
Despite these eye-watering numbers experts remain divided over how big of a crisis the U-S is actually facing.
Washington now owes around $8 trillion to international investors including Japan and China which will eventually need to be paid back.
Meanwhile, following years of low-interest rates the Federal Reserve will also begin its first rate hikes since 20-15.
With higher borrowing costs, it will only become more difficult to finance the country’s debt.
However, despite the growing debt America’s economy grew by nearly 6 per cent last year defying expectations.
