Chow Chung-yan
The year 2024 will be remembered as the first time in history that a national government’s interest payments on its debt exceeded US$1 trillion, according to data from the Federal Reserve Bank of St Louis.
Despite US President Donald Trump’s pledge to cut federal spending and his aggressive global trade war, the United States is now adding US$1 trillion in national debt every 71 days – up from every 150 days in 2024, according to the US Congress Joint Economic Committee. This pace marks the fastest peacetime accumulation of national debt in history, with no sign of slowing soon.
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