An unprecedented wave of defaults on U.N. debt is forcing the United States to repay more than $1 trillion of that debt, according to a report Thursday.
The U.C.M.L.A. study also showed that the country is already on pace to pay its outstanding debt in about four years.
“We’ve reached a tipping point,” said John Gorman, a former U.K. government official and senior fellow at the U.H.
H Foundation for Global Development.
The United States defaulted on its U.n. debt in January 2019, after a prolonged slowdown in the economy, and has since made a series of debt payments.
The next step is to pay off the remaining debt, which is now about $1,400 per household, Gorman said.
“That’s a massive burden,” he said.
While the U:s debt load has been steadily rising, the United Kingdom’s debt burden is slowly but surely going up.
The country’s debt reached $3.3 trillion in 2018 and has climbed more than 10% annually through 2021, according a report from the World Bank.
The latest U.k. report shows that household debt in the country now stands at about $7,000.
The report does not include the U.:s outstanding loans to other countries.
But it does show that the debt burden has grown from $1 billion in 2014 to $2.2 billion in 2020.
The Bank of England also reports that the U., which is one of the wealthiest countries in the world, has already reached the debt limit, meaning it cannot increase its debt.
That means that it is likely to have to borrow again from the U, which could take years.
At this point, the U is in a much worse financial position than it was in January 2020.
With interest rates still very low, the country will need to borrow another $4.6 trillion to fund the government and pay down the debt.
The government has also been borrowing to pay for the U’s medical bills and pension plans.
And the U will have to repay interest on its outstanding loans.