Due to the economic fallout from COVID-19, the U.S. Treasury recently announced plans to borrow another $3 trillion in just three months.
Not only is the Federal Reserve printing dollars like never before, but the U.S. government itself is only accumulating more debt. According to a recent announcement by the U.S. Treasury Department, there are plans to borrow nearly $3 trillion to pay for April, May, and June. [NPR]
More and More Government Debt
With the U.S. Treasury’s latest announcement that it will take on another $3 trillion, many are concerned. That’s more than twice what the state borrowed all of last year—for only three months. As The Moon (@TheMoonCarl) tweeted recently, that’s more than five times what the U.S. borrowed at the peak of the 2008 financial crisis.
Is It Sustainable?
The current levels of U.S. government debt are reaching historic proportions. At the time of writing, U.S. debt is very close to surpassing $25 trillion. The debt-to-GDP ratio for the United States now stands at 116%.
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