- U.S. national debt recently crossed $26 trillion for the first time.
- U.S. money supply is soaring amid the pandemic.
The U.S. national debt recently crossed $26 trillion for the first time as debt soars amid the pandemic. According to data from July 9, the national debt is now just under $26.5 trillion. This means the national debt is up over $3 trillion since January alone. Furthermore, The Committee for a Responsible Federal Budget, a non-partisan organization, estimates that federal debt will grow by $4 trillion in 2020.
Moreover, as previously reported by The Crypto Associate, the United States is not alone, as global public debt reaches record levels.
With the national debt seeing a rapid rise this year, concerns over the country’s ability to sustain the ever-growing debt arise. The increasing debt may also have longer-term implications for the world’s reserve currency, the U.S. dollar.
U.S. Money Supply Skyrockets
In addition to the growing debt, the U.S. money supply is on the rise. The M1 money supply has risen by over a trillion dollars since the beginning of this year.
The M1 money supply tracks the most liquid portion of the overall money supply, including coins and paper currency. With a 30% increase from January alone, the M1 money supply is soaring to record highs.
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