As of June 15th, the American debt load has swollen to a staggering $32.03 trillion, marking an increase of $571 billion from the $31.46 trillion recorded on June 1st. In an unsettling comparison, the total debt of the United States now surpasses the combined Gross Domestic Product (GDP) of economic powerhouses including China, Japan, Germany, and the United Kingdom. This massive debt load equates to a debt burden of $244,000 per American household.
According to Charlie Bilello, Chief Marketing Strategy at Creative Planning, the U.S. national debt has risen by 45% over the past four years, or by $10 trillion.
According to Bilello, the U.S. national debt was at 31% of the country’s Gross Domestic Product back in 1980, and hit 101% in 2015 as it keeps on growing. Today, it’s at 121% and the trend appears to show no signs of reversing.
These filings come weeks after the U.S. Securities and Exchange Commission (SEC) sued leading cryptocurrency exchanges Binance and Coinbase for alleged securities law violations. Whales have however been undeterred. As CryptoGlobe reported, over the last 11 weeks, wallets holding between 1,000 to 10,000 BTC have seen a combined increase of $3.5 billion.
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