US debt soars nearly $1.4 trillion from last Christmas, rising $44,000 per second
The year-on-year surge in US sovereign debt has totaled $1.37 trillion, the latest data released by the US Treasury Department shows.
The national debt reportedly rose to $21,863,635,176,724.12 as of December 20 of the current year compared to $20,492,874,492,282.58 on December 25, 2017.Also on rt.com US national debt tops $21 trillion for first time ever
The current US population stands at 328,082,386 according to the December statistics produced by the Census Bureau, a unit of the US Department of Commerce. Rough calculations show that Christmas-to-Christmas growth in the federal debt equals approximately $4,178.10 per average US citizen.
According to Census Bureau estimates, there were 127,586,000 households in the country in 2018, which means that an average American family owes some $10,743.82.Also on rt.com US students now owe Uncle Sam more than was spent on the entire Iraq War
Moreover, since the end of the last fiscal year through December 20, the federal government added some $340 billion to the country’s sovereign debt. That means the debt had been skyrocketing at around $3.8 billion per day, or nearly $44,000 per second.
US debt is expected to hit $22 trillion in the near future and the ongoing government spending will drive the debt to $33 trillion within a decade.
For more stories on economy & finance visit RT's business section