On Tuesday, the Nation’s gross national debt surpassed $31 trillion, as per the US Treasury report, logging America’s daily finances. Edging closer to $31.4 trillion, an artificial cap Assembly was placed on the US Government’s ability to borrow. Thus, the debt numbers hit a weak economy facing high inflation, rising interest rates, and a strong US dollar.

Recently, US President Joe Biden hyped his administration’s deficit reduction efforts and signed the Inflation Reduction Act, which attempts to tame 40-year high price rises caused by various economic factors, which can be a cause of concern, say, economists. The Federal Reserve has had higher rates several times this year in an effort to battle inflation.

Zidar said, “The debt should boost us to consider tax policies that passed through the legislative process but didn’t get enough support,”. It includes imposing complex taxes on the wealthy and closing the carried interest loophole, allowing money managers to treat their revenue as capital gains. Earlier this year, the Congressional Budget Office released a report on America’s debt load and warned in its 30-year outlook that the debt would soon spiral upward to new highs, ultimately imperilling the US economy.