Global debt is dangerously high: The current global debt figure reached a record $303 trillion in 2021 according to the Institute of International Finance. This was a huge jump from the $226 trillion figure in 2020, representing the biggest one-year debt surge since the Second World War. The World Bank says that our current world debt wave is the fourth since 1970 and is a result of various factors including Covid-19 and the war in Ukraine.
100 Mind-Blowing Debt Facts
On 30 September 1980, the US national debt was $907 billion. Fast forward 40 years later, and the US national debt is over $24.95 trillion – trebled in the eight years of Barack Obama’s presidency from $7.5 trillion to $20 trillion. Former President Trump increased it by nearly 25%.
Disregard the overall US national debt for a moment and consider that the amount of debt the US owes to China only equates to an average of $10,000 for every American family.
Americans currently owe about $875 billion in student loans, which is more than our country collectively owes in credit card debt. Student loan debt is increasing at a rate of $2,853.88 per second.
Global Debt Is Now at a Record High