The ongoing US National debt crisis is great news for the BRICS alliance, as experts say the debt is rising nearly $1 trillion every 100 days. At the end of July, the total US debt surpassed $35 trillion for the first time and has been climbing at an unprecedented rate. As BRICS seeks a world where the US dollar is no longer dominant, this is a step in the right direction.
Since March 2024, the US debt jumped to $35 trillion in just 100 days, an alarming feat. According to data from the U.S. Department of the Treasury, the nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace.
While the US government has succeeded in slowing down this debt pace, nearly $1T per 100 days still rings dangerous for the nation’s economy. The country has consistently been fighting off mounting national debt. With many forecasting a debt crisis in 2030, there have been rumblings about what this could mean for the dominant global reserve currency. This is especially concerning as the country has yet to navigate its ongoing interest rate dilemma, and is fighting off pressure from BRICS.
US Debt Rises As BRICS Pressure Mounts
The US dollar has lately been attracting several enemies. With the BRICS and ASEAN nations pounding on it, the currency is now inching towards an early demise. Furthermore, its status as the global reserve currency is now threatened as BRICS nations continue to work towards forming a new currency system.
Currently, the US National Debt sits at $35.1 trillion. Compared to the start of January, the trend is back to around $1T every 7 months. This is an improvement, but far from a positive note for Americans. The debt total in the US has grown by over $2 trillion in the last 12 months alone.
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One contributor to this that experts criticize is the recent budget allocated to national defense. With two ongoing geo-political conflicts in the Eastern Hemisphere, the United States has sent millions of dollars in funding to Ukraine and is increasing its support for Israel in its fight against Hamas.
