The United States is the world’s largest economy, owes India $216 billion as the country’s debt grows to a record $29 trillion, warning the leadership about the imposition of foreign debt, the largest from China and Japan.
By 2020, the US national debt was $23.4 trillion, that is $72,309 per person.
“We will grow our debt to $29 trillion. That is an additional debt that each citizen owes. There is a lot of misinformation about where the credit goes. The two top countries we owe money to are China and Japan, not really our friends,” said Congressman Alex Mooney.
“We are in international competition with China all the time. They are heavily in debt. We owe China more than $1 trillion and we owe Japan more than $1 trillion,” said a Republican senator from West Virginia on the floor of the US House of Representatives as he and others protested against the latest $2 trillion renewal fund.
In January, the US President Joe Biden announced a $1.9 trillion grant to help coronavirus packages cope with the economic downturn in the epidemic, including direct financial assistance to ordinary Americans, sponsoring businesses and promoting a national vaccination program.
“The people who lend us the money we have to pay are not people who are kind to us. In Brazil, we owe $258 billion. India, we owe $216 billion. And the list goes on and on with foreign debt,” said Congressman Mooney.
The US national debt was $5.6 trillion in 2000. During the Obama administration, it has actually doubled.
“Since Obama’s eight years as President, we have doubled our national debt. And we add another – shown here – a completely uncontrolled rate of debt-to-GDP ratio“, he urged his Congress colleagues to consider the national debt issue before approving the incentive package.
“I therefore urge my colleagues to consider the future. Don’t buy into it – the government has no money to take from you to pay. We need to be smart about these dollars, and most of this will not help free coronaviruses,” he said.
Congress officials at Mooney say things are out of control. The Congress Budget Office estimates that an additional $104 trillion will be added by 2050. The Congressional Budget Office has predicted that the debt will increase by 200 percent.
“Today, as I stand here right now, we have $27.9 trillion in national debt … That’s actually a little over $84,000 of debt for all American citizens here today,” Mooney said.
“We have actually borrowed $10,000 per person for one year. I mean that’s out of control,” he said.
