(UnitedVoice.com) – The United Nations (UN) tracks each country’s public debt. The alliance recently released a report that found the United States is at the top of the pile, which is not good news for the country.
On June 4, the UN Trade and Development Program said the global public debt ticked up by a record $97 trillion in 2023. The group reported that the value of money governments owed increased by $5.6 trillion in 2023 year on year. The findings were included in the “A World of Debt” report.
According to the findings, the US led the world with the most public debt, totaling more than $33 trillion. That accounted for approximately 34% of the global public debt in 2023. The debt now stands at almost $35 trillion.
China is in second place, with debt totaling about $15 trillion, and Japan is in third place, with more than $10 trillion.
The high-interest payments are crippling nations and increasing faster than growth in public spending which is essential for the good of the people. The report warned that developing nations should not be forced to choose between making interest payments on their debt or serving people.
One in three countries in the developing world are paying more money toward their interest payments than they are on programs in “critical areas for human development, including education and health care.”
President Joe Biden and Kenyan President William Ruto discussed the increased debt during a May meeting. The world leaders urged other countries to reduce the debt burden that is crushing developing countries. Congress passed a bill in March allowing the US to lend the International Monetary Fund trust up to $21 billion.
The fund provides low-income countries with zero-interest loans. Biden echoed the report’s words, saying too many countries are forced to choose between paying their debt and providing their people with the services they need.
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