Donald Trump
Ever since Donald Trump has become President in America. Since then, he took some such decisions like putting tariffs, in which America itself is seen coming to America. The US treasury is filling with the money of tariff. But at the same time, the debt on the country is so much that the money collected from other countries is less to fill it. At the same time, before coming to power, Trump was giving the slogan of make Great America Again. He also does not seem to be fulfilled like this. A large part of the country’s budget is being spent in paying interest.
The total debt on the US has increased to $ 37 trillion. In the fiscal year, I have to spend 1 trillion dollars to repay America’s debt. The US government has become the second largest expense in the country to pay the interest of debt.
Spending on more interest than healthcare and defense
America has been known for its defense expenses and healthcare expenses. But, now at this time the cost of interest of the US government has increased more than the defense sector and healthcare. The US government imposes around 900-900 billion dollars every year on expenses like health and defense. America’s GDP is 30.51 trillion dollars, but its debt has reached more than 37.95 trillion dollars. If you compare, China’s GDP is $ 19.23 trillion dollars and the debt is 16.98 trillion dollars. At the same time, India’s GDP is 4.19 trillion dollars and the debt is $ 3.41 trillion.
America’s budget deficit in July stood at $ 291 billion. In the first 10 months, this deficit rose to $ 1.63 trillion, which is the third largest loss in history. Trump is constantly demanding a cut in interest rates, but the Fed Reserve is still avoiding doing so. It is expected that the Fed Reserve may reduce rates in September. But experts say that this will not have any significant impact on America’s interest payment, because the US pays interest on the bond yield, not at the fed rate and there is no control of the fed on the bond yield.