America’s gross national debt exceeded $33 trillion for the first time on September 18, 2023, providing a stark reminder of the country’s shaky fiscal trajectory. In fact, the debt is on track to top $50 trillion by the end of the decade.
As at today at 10:25 AM (Malaysian time), the US debt has ballooned to $34,369,041,396,438. That's $102,259 for every single person in the country.
The government now spend more on interest payments than they do on funding the Pentagon. Already, the fiscal situation may be too large to ignore. It is said debt management will likely bedevil whoever wins the White House in 2024.
Talking about debts, one individual, former President Donald Trump owes a lot of money currently! And there's a new website that will help him and the rest of us keep track of the growing interest on his debts!
The website called "Donald Trump's Debt Live Tracker" is the brainchild of Pennsylvania-based Democratic strategist Johnny Palmadessa. It also includes a Trump quiz and a chatbot that allows visitors to ask Trump questions that he’ll refuse to answer.
Palmadessa announced the new website in a Threads post on Sunday, writing, “It is the only website actively being monitored by an accountant to ensure accuracy”.
The live counter is keeping a running total on how much Trump owes to New York after losing a civil fraud trial on February 16 that showed he lied about his wealth.
The initial verdict ruled that Trump owed $355 million in penalties, but the total is now close to $454 million due to interest. Although he is appealing the ruling, the interest on the debt will continue to accrue at a rate of $112,000 a day until Trump pays up or the amount is changed.
I reckon for a well-connected billionaire, that debt is merely a temporary inconvenience; after all, Trump could always liquidate some of his assets or borrow even more money to cover his short-term obligations.
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