US debt increases by $10 billion per day, $416 million per hour and $115,740 per second

The United States’ national debt is growing at an incredible pace, according to new figures from the Treasury Department. The so-called “debt to the penny” database shows that the national debt is increasing by about $1 trillion every 100 days.

That results in a rate of $10 billion per day, $416 million per hour and $6.94 million per hour and $115,000 per second.

$34.46 trillion in debt

The new data comes with a warning from Wharton professor Joao Gomes, who tells Fortune that the debt spiral could even affect the presidential race.

“We have to deal with this towards the end of the decade. It could spell trouble for the next presidential administration. If they come up with plans for large tax cuts and fiscal support packages, the markets could run wild.

Interest rates could skyrocket and we could enter a crisis by 2025. That could happen. I am convinced that we will have a huge problem before the end of the decade,” Gomes said.

In theory, this could be very bullish for Bitcoin, because it could create a flight to scarcity. More and more people understand that the US dollar may suffer from this and flee to the scarcity of Bitcoin and other assets.

America in trouble?

In 2023, the renowned Moody’s decided to adjust America’s credit rating from “stable” to “negative”.

That adjustment was made largely because of the political stalemate in Congress. “Moody’s believes that political polarization is likely to continue. As a result, it will be difficult to reach political consensus on a multi-year plan to reduce budget deficits through measures that increase government revenues or cut social security benefits,” the credit rating agency wrote.

This week, President Joe Biden introduced a plan to reduce the debt by $3 trillion by raising taxes on corporations and billionaires.

However, the question is to what extent this is a solution for the United States in the long term. The fact is that the debt problem is now being increasingly discussed and drawn to attention.

In theory, that is bullish for the Bitcoin price.

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