US National Debt to Hit $20 Trillion

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US National Debt to Hit $20 Trillion

President Obama addresses the national debt in a conference in September, 2016.

President Obama addresses the national debt in a conference in September, 2016.

President Obama addresses the national debt in a conference in September, 2016.

President Obama addresses the national debt in a conference in September, 2016.

Strydr Silverberg, Ranger Review Editor

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Donald Trump will enter office on Friday, January 20th, 2017. His arrival will be greeted with the gift of national debt that totals near twenty trillion dollars. This astronomical amount is over double what President Obama came into office with and the national debt is not projected to fall in the near future.

When mid-March arrives, the Trump will have to make a decision on the national debt limit. The debt limit restricts the amount of money the National Treasury can borrow to pay for federal obligations. According to the Bipartisan Policy Center, the debt limit will most likely be set at $20.1 trillion.

The debt limit being reinstated means several things for the country. With the reinstatement, the national debt will instantly hit the debt cap. This is caused by the National Treasury having to go to “extraordinary measures” to ensure that they are able to fulfill all of their obligations. Eventually, however, the National Treasury will no longer be able to fulfill obligations such as contributing to federal retirement funds or paying their bills for upkeep and paying their employees. This will cause the national debt limit to be more or less “ignored”.

For the average person, this does not mean much for day to day life. However, it is a very important factor for others. Government workers and people contracted to work for the government have nothing to fear. While the national debt limit may not mean much for daily life, many financial experts believe that the national debt will soon begin to affect people’s lives. As it continues to climb.

“Interest rates for loans and mortgages will continue to climb, inflation will continue to rise to unprecedented levels, and economy growth will slow and it will be harder to find jobs.” says Meg Handley of US News’ Personal Finance division.

In the year 2021, the National Debt is projected to be over $22 trillion, according to usdebtclock.org. The current state of growth for the national debt is at unprecedented rates. At the current moment, every American owes $220,000, not including interest.

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