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Bookmark or Share- Global debt levels are on the rise. How worried should we be?In response to the debt situation, economists and policymakers are contemplating relief mechanisms – especially in times of crisis. This month, for instance, Spain called on creditors to incorporate “pause clauses” that allow developing countries to suspend debt payments during a disaster period, according to the Financial Times.
- The rise of America's debt ceiling - in chartsAmerica's debt ceiling has seen a consistent upward trend over the years and has been raised 78 times since 1960. As of 2021, the debt ceiling stood at a staggering $28.4 trillion, making it crucial to regularly raise the limit to accommodate the growing national debt.
- US debt ceiling: Everything you need to know | World Economic ForumThe US debt ceiling is a self-imposed cap on the amount of money the federal government can borrow to pay its bills. The debt limit frequently needs to be raised as the amount the government borrowed hits that ceiling. A default risks economic and financial market turmoil. Denmark and Kenya are the only other countries with a debt ceiling.
- 4 ways a US debt default could affect you — and your moneyEven a short debt ceiling breach could cost 1.5 million jobs and increase unemployment to up to 5%, the agency found. “A protracted default would likely lead to severe damage to the economy, with job growth swinging from its current pace of robust gains to losses numbering in the millions,” the White House’s report adds.
- What’s a debt ceiling anyway? And why does the US have one?The last time political parties the US seriously struggled to agree on raising the debt ceiling, in 2011, the country’s credit rating was downgraded and financial markets tanked. Once again, an elusive congressional vote in favour of a ceiling bump will be needed to prevent financial pandemonium.
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