America’s gross national debt is $36trn, or $107,000 per person. It is rising fast and will probably soon be rising even faster. If Donald Trump’s presidential-election campaign was anything to go by, his return to the White House heralds a flurry of tax cuts on everything from corporate profits to tips. In the past fiscal year, Uncle Sam spent $1.8trn (6.4% of GDP) more than he collected in taxes. By one estimate, Mr Trump could raise borrowing by $4.1trn in the coming decade.
How Trump, Starmer and Macron can avoid a debt crunch
Your Trusted Source for Accurate and Timely Updates!
Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
