A stark revelation from the International Monetary Fund (IMF) signals a troubling trend in the world’s economic landscape. Global public debt has tripled since the mid-1970s, reaching a staggering 92% of the world’s combined gross domestic product (GDP), surpassing $91 trillion by the end of 2022. Concurrently, private debt has also experienced a tripling since 1960, standing at 146% of GDP, nearing $144 trillion.
John Authers, in his insights for BBG, sheds light on the alarming trajectory of global debt, emphasizing its exponential growth over the decades. This concerning reality prompts questions about the sustainability of such levels and the potential consequences for the global economy.
In the context of the United States, the situation is exacerbated by an accelerating rate of debt accumulation. Between June 2023 and December 2023 alone, the U.S. added another $2.6 trillion to its debt, pushing the total from $31.4 trillion to a staggering $34 trillion. The trajectory of the U.S. national debt forms a hockey stick chart, depicting a rapid upward spiral, and what’s more concerning is the lack of discourse on this issue within Washington, D.C.
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