U.S. Public Debt Surpasses Economy as Household Mortgage Obligations Rise
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On Thursday, the nonpartisan watchdog Committee for a Responsible Federal Budget (CRFB) announced that U.S. debt held by the public, estimated to be $31.27 trillion, officially surpassed the country’s annual GDP of $31.22 trillion in March, basing its analysis on new data released this week by the Bureau of Economic Analysis.
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Epoch Times BusinessDebt held by the public reached $31.27 trillion as of March 31, slightly exceeding the nominal gross domestic product (GDP) of $31.22 trillion over the prior 12 months, pushing the debt-to-GDP ratio to 100.2 percent, the Committee for a Responsible Federal Budget (CRFB) said in an April 30 report based on fresh figures from the Bureau of Economic Analysis.
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Audio will be available later today. The federal debt passed an uncomfortable milestone this year, outgrowing the entire U.S. economy. That poses risks, but policymakers show little sign of addressing it.
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Fortune“Once again, America has hit an alarming fiscal milestone that highlights our dangerous and unsustainable outlook,” Peterson said in a statement to Fortune. “The national debt is now as large as our entire economy, which should serve as both a disturbing warning and a call to action.”
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America’s mortgage debt continues to escalate, hitting the $13.2 trillion mark, according to an April 30 WalletHub report.
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ZeroHedgeAmerica’s mortgage debt continues to escalate, hitting the $13.2 trillion mark, according to an April 30 WalletHub report.
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The personal finance website and app indicated that the average U.S. household owes nearly $109,000 in outstanding mortgage balances and that mortgage debt has remained on an upward trend over the past few years.
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ZeroHedgeThe personal finance website and app indicated that the average U.S. household owes nearly $109,000 in outstanding mortgage balances and that mortgage debt has remained on an upward trend over the past few years.
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Peterson warned that the country will soon eclipse the all-time high of debt to GDP, set just after World War II, but “the critical difference between 1946 and 2026 is that today’s deficits are not caused by a war, but by a structural, growing mismatch between spending and revenue.”
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Epoch Times BusinessThe U.S. national debt has surpassed the size of the economy, reaching its highest level since World War II, excluding a brief pandemic-era spike, according to new data that is sharpening concerns about the country’s long-term fiscal trajectory.
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01 Fortune The U.S. is now unmatched in a regrettable category. Among rich and spend-happy nations that are globally seen as safe investments, the U.S. beats out the competition when it comes to the size of its debt burden, as the nation’s public liabilities have exceeded the size of its economy for the first time since World War II.
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02 ZeroHedge “Mortgage rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well,” WalletHub analyst John Kiernan said in the report.
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03 Epoch Times Business For the first time in more than a year, privately owned housing units saw a significant increase in starts in March, possibly signaling forward movement in the home construction sector.
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