Washington: The US, which is considered as world’s largest economy, owes India $216 billion in loan as the country’s debt soars to $29 trillion, stated American lawmaker while cautioning the leadership against rising foreign debt, mostly taken from China and Japan.
As per records, the US national debt in 2020 was $23.4 trillion, that was $72,309 in debt per person.
“We are going to grow our debt to $29 trillion. That is even more debt owed per citizen. There is a lot of misinformation about where the debt is going. The top two countries we owe the debt to are China and Japan, not actually our friends,” revealed Congressman Alex Mooney.
“We are at global competition with China all the time. They are holding a lot of the debt. We owe China over $1 trillion and we owe Japan over $1 trillion,” the Republican Senator from West Virginia said in the US House of Representatives while others opposed the latest stimulus package of $2 trillion.
In January, newly elected US President Joe Biden had announced a $1.9 trillion coronavirus relief package to tackle the economic fallout from the pandemic, including direct financial aid to average Americans, support to businesses and to provide a boost to the national vaccination campaign.
“The people who are loaning us the money we have to pay back are not necessarily people who have our best interest at heart. Brazil, we owe $258 billion. India, we owe $216 billion. And the list goes on the debt that is owed to foreign countries,” Congressman Mooney further said.
Meanwhile, during the Obama administration America’s national debt reportedly stood around $5.6 trillion in 2000, which actually doubled in these last 8-years.
“Since the eight years Obama was President, we doubled our national debt. And we are adding another—projected here—a completely out of control debt-to-GDP ratio,” Mooney said urged the House to consider this national debt issue before approving the stimulus package.
“So I urge my colleagues to consider the future. Don’t buy into the—the government has no money it doesn’t take from you that you are going to have to pay back. We need to be judicious with these dollars, and most of this is not going to coronavirus relief anyway,” he had said.
Talking about a report by the Congressional Budget Office which forecasted debt would rise 200 per cent with an estimated addition of $104 trillion to the current debt by 2050, Mooney said things have gone completely out of control.
“Today, as I stand here right now, we have $27.9 trillion in national debt…That is actually a little more than $84,000 of debt to every American citizen right here today,” he said adding “We have actually borrowed $10,000 per person in one year. I mean, that is out of control.”