Business Insider: US government debt is on track to surpass $50 trillion by 2033. That means $5.2 billion is piling up every day.
The US government’s debt is on track to surpass $50 trillion by 2033, Bank of America said in a Tuesday note, citing data from the Congressional Budget Office.
* The US government’s public outstanding debt is on track to surpass $50 trillion by 2033.
* The increase comes out to roughly $5.2 billion every day or $218 million every hour, Bank of America estimated.
* “Central banks may simply bail out governments in coming years via QE,” BofA said.
US public debt outstanding currently sits at $33.6 trillion and is expected to surge by $20 trillion to $54 trillion within the next decade amid “fiscal excess in the 2020s,” Bank of America investment strategist Michael Hartnett said.
“US public debt is… more than the combined GDPs of China, Japan, Germany, and India,” he wrote, adding that the outstanding debt is set to surge by $5.2 billion every single day, or $218 million every hour, for the next 10 years.
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Update: US debt to top $50 trillion – BoA (RT).
WNU Editor: Interest on the US debt has now crossed $1 trillion a year …. US Debt Interest Bill Rockets Past a Cool $1 Trillion a Year (Bloomberg).