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The US national debt is now as large as the combined gross domestic product (GDP) of the second to the sixth-largest economies in the world, according to the nonpartisan watchdog Peter G. Peterson Foundation.
The watchdog says the $38 trillion US national debt is equal to the combined GDP of China, Germany, Japan, India and the United Kingdom.
Meanwhile, the US national debt is growing at a rate of $4.8 million per minute, $288 million per hour or $6.9 billion per day. The national debt per capita is around $111,000 and per household, the debt stands at approximately $287,000.
The national debt crossed the $38 trillion mark for the first time on October 21st and stood at $38.076 trillion as of October 28th.
On a daily basis, the Peter G. Peterson Foundation says the US is spending $3 billion as interest payments on the debt. This, the Peter G. Peterson Foundation says, could rise amid credit rating downgrades by Moody’s, Fitch and Standard & Poors.
“Financial institutions continue to treat U.S. debt as a safe asset class, but successive downgrades reveal that this privilege is at risk. If market observers, including the ratings agencies, continue to lose faith in the safety of Treasury securities, the United States will have to offer higher rates of return to attract investors, which would put upward pressure on interest rates.”
