America, the world’s largest economy that distributes debt to the world, also has a huge debt burden. The biggest thing in this is that India is also owing about $ 216 billion to it. According to an American Member of Parliament, the debt burden on his country is going to increase to a total of 29 trillion dollars this year. According to US MP Alex Mooney, the debt burden on the country is constantly increasing and China and Japan have the largest share of that.
Debt burden on America quadrupled between 2000 and 2020
According to Mooney, “The debt burden on America is going to increase to 29 trillion dollars this year. There are many misconceptions in the public about the rate at which the debt burden is increasing on America. Japan and China have the highest debt on us, who are not really friends. According to Statista, the US had a debt of $ 27.78 trillion in January 2021, which quadrupled between 2000 and 2020.
Every US citizen had a debt of $ 72,309 last year.
In 2000, the US had a debt of only 5.6 trillion dollars, which increased to 23.4 trillion dollars in March 2020. Accordingly, every person there had a debt of $ 72,309 last year. This was doubled under Obama’s rule. If we compare India with this, then in 2020 there was a debt of 2.332 trillion dollars. According to Statista, the debt burden on India could reach 26.26 trillion dollars this year.
Ratio of GDP and debt reached alarming situation : US lawmakers
In January, President Joe Biden announced a $ 1.9 trillion coronavirus package to handle the economy from the damage caused by Kovid. The package includes direct economic relief to the people, support given to the traders and the amount given for the vaccination scheme. According to Mooney, before approving the relief package, MPs will have to look at the ratio of GDP and debt, which has reached a dangerous state.