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Published 15 days ago

US national debt hits $33T for first time in history

  • Janet Yellen, the Treasury Secretary, is not yet concerned about the U.S. national debt, which stands at nearly $33 trillion, as she believes that the interest payments on the debt are under control and represented 1.86% of GDP in 2022.
  • Despite warnings from the Congressional Budget Office about the potential impact of the mounting national debt, Yellen remains optimistic about the economy and the labor market, stating that consumer spending is robust and she doesn't see any signs of an economic downturn.
  • While Yellen acknowledged the need to keep deficits under control to prevent the national debt from becoming an issue, she expressed hope for a resolution to the United Auto Workers' strike and emphasized the strength of the economy and industrial production.
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