Kashmir Observer

US Owes India USD 216 Billion As American Debt Soars To USD 29 Trillion: Lawmaker


WASHINGTON: The US, the world's largest economy, owes India USD 216 billion in loan as the country's debt grows to a record USD 29 trillion, an American lawmaker has said, cautioning the leadership against galloping foreign debt, the largest of which comes from China and Japan.

In 2020, the US national debt was USD 23.4 trillion that was USD 72,309 in debt per person.

“We are going to grow our debt to USD 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,” Congressma­n Alex Mooney said.

“We are at global competitio­n with China all the time. They are holding a lot of the debt. We owe China over USD 1 trillion, and we owe Japan over USD 1 trillion,” the Republican Senator from West Virginia said on the floor of the US House of Representa­tives as he and others opposed the latest stimulus package of USD 2 trillion.

In January, US President Joe Biden announced a USD 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 programme.

“The people who are loaning us the money we have to pay back are not necessaril­y people who have our best interest at heart. In Brazil, we owe USD 258 billion. In India, we owe USD 216 billion. And the list goes on the debt that is owed to foreign countries,” Congressma­n Mooney said.

America's national debt was USD5.6 trillion in 2000. During the Obama administra­tion, it actually doubled.

“Since the eight years Obama was President, we doubled our national debt. And we are adding another—projected here—a completely out of control debtto-GDP ratio,” he said urging his Congressio­nal colleagues 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 said.

Congressme­n Mooney said that things have gone completely out of control. The Congressio­nal Budget Office estimates an additional USD 104 trillion will be added by 2050. The Congressio­nal Budget Office forecasted debt would rise 200 per cent.

“Today, as I stand here right now, we have USD 27.9 trillion in national debt...That is actually a little more than USD 84,000 of debt to every American citizen right here today,” Mooney said.

“We have actually borrowed USD 10,000 per person in one year. I mean, that is out of control,” he said. —

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