According to the Peter G. Peterson Foundation, a nonpartisan organization focused on addressing U.S. long-term fiscal challenges, the national debt of 35.001 trillion dollars translates to 103,945 dollars of debt per person in the United States.
"Our deficits are caused mainly by predictable structural factors: our aging baby-boom generation, rising healthcare costs, and a tax system that does not bring in enough money to pay for what the government has promised its citizens," the foundation said.
Desmond Lachman, a senior fellow at the American Enterprise Institute and a former official at the International Monetary Fund, told Xinhua earlier that "there can be no question that the U.S. budget deficit is on an unsustainable path."
The "dangerous trajectory" poses "serious questions for the dollar" and inflation's long-run outlook, Lachman said.
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