Just before the start of 2024, the US Federal debt surpassed a new milestone: $34 trillion. In 2023 the US added $2.65 trillion in debt, the second largest annual increase in history after the 2020 increase of $4.5 trillion. Going back to 1995, Federal Debt has increased by just over $1 trillion per year, but since 2010 that number has jumped to $1.7 trillion annually.
The surge comes amid mounting warnings from credit rating agencies and a “soft” repudiation of both the US dollar and US government-issued securities.
