The US, the world’s largest economy, owes India $216 billion in loan as the country’s debt grows to a record $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 $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,” 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 $1 trillion and we owe Japan over $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 $2 trillion.
In January, US President Joe Biden 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 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. 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 said.