The US national debt has reached record level and no longer a future problem. It has in fact started affecting people now. The government’s deficits have burdened American families with higher costs, largely from rising interest rates. In the last decade, Treasury yields have increased by almost 1 per cent, which has increased the home loan borrowing costs for people by $2500 a year or roughly $76,000 over the life of the loan. Cost of auto loan, credit card interest rates, and other loans have also increased.
**Relevance:**
The US debt is becoming too big to ignore. It is the largest economy in the world and its debt problems have global implications.
3 Comments
**Submission statement:**
The US national debt has reached record level and no longer a future problem. It has in fact started affecting people now. The government’s deficits have burdened American families with higher costs, largely from rising interest rates. In the last decade, Treasury yields have increased by almost 1 per cent, which has increased the home loan borrowing costs for people by $2500 a year or roughly $76,000 over the life of the loan. Cost of auto loan, credit card interest rates, and other loans have also increased.
**Relevance:**
The US debt is becoming too big to ignore. It is the largest economy in the world and its debt problems have global implications.
Paywall-free link: [https://archive.is/GN0LP#selection-693.362-693.708](https://archive.is/GN0LP#selection-693.362-693.708)
Meh my kids will fix it
19% of revenue goes to interest on debt.