U.S. National Debt Surpasses $38 Trillion, Sets New Record High

Reuters Yonhap News

The United States' national debt has surpassed $38 trillion, reaching a record high. This is equivalent to 5,469.34 trillion won. The debt has increased by more than $1 trillion in just two months.

According to the Associated Press on October 22 (local time), data released by the U.S. Department of the Treasury on October 21 showed that the national debt has exceeded $38 trillion. After hitting $37 trillion in August, it rose by another $1 trillion in just two months. The Associated Press analyzed that this rate of increase is the fastest since the COVID-19 pandemic and marks a record-setting pace.

The U.S. national debt stood at $34 trillion in January 2024, surpassed $35 trillion in July of the same year, and then reached $36 trillion in November, four months later. According to analysis by the U.S. Senate Joint Economic Committee (JEC), the national debt has been increasing by $71,253.9 every second over the past year.

The United States has recorded a fiscal deficit every year since 2001, with the deficit widening further since 2016. After the COVID-19 pandemic, the pace of debt accumulation accelerated due to economic stimulus measures. The main reasons for the increase in national debt include expanded spending on social security programs and medical services, as well as rising interest payment costs. The recent temporary government shutdown is also believed to have contributed to the increase.

This content was produced with the assistance of AI translation services.