The US national debt is a big worry over $34 trillion now, causing trouble because the government has to pay lots of interest. President Biden’s spending and possible cuts to important programs like Social Security and Medicare make things even worse.
US National Debt Crisis Escalates as Government Spending Soars and Social Programs Face Risk
According to USA Today, the US is facing a big problem with its US national debt which is now over $34 trillion and quickly rising. This US national debt is causing issues because the government has to spend a lot of money just on paying interest more than what it spends on important things like defense and healthcare. Financial experts say if the government doesn’t start controlling its spending and debt soon things could get even worse, especially since interest rates are staying high.
President Biden’s administration is getting criticized for spending too much money even after the COVID-19 pandemic. They’re passing expensive laws and making decisions that are adding to the US national debt. At the same time, important programs like Social Security and Medicare are at risk because there might not be enough money to pay for them soon.
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$34 Trillion and Counting: US National Debt Crisis Threatens Economic Stability – Demanding Swift Action! (PHOTO: LinkedIn)
Warnings of Social Security and Medicare Cuts Loom as Political Gridlock Stalls Action
Furthermore, reports are saying that if the government doesn’t act fast Social Security and Medicare could face cuts. But it’s hard for politicians to agree on what to do. Without action, these programs could be in trouble which would affect a lot of people’s lives and make the economy even more uncertain.
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