U.S. owes India $ 216 billion as American debt soars to $ 29 trillion: lawmaker

“We are at global competition with China all the time. They are holding a lot of the debt.”

The U.S., 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 U.S. 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 U.S. House of Representatives as he and others opposed the latest stimulus package of $ 2 trillion.

In January, U.S. 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.

America’s national debt was $ 5.6 trillion in 2000. During the Obama administration, it actually doubled.

“Since the eight years Obama was President, we doubled our national debt. And we are adding another — projected here — a completely out of control debt-to-GDP ratio,” he said urging his Congressional colleagues to consider this national debt issue before approving the stimulus package.

“So I urge my colleagues to consider the future. Don’t buy into the — the government has no money it doesn’t take from you that you are going to have to pay back. We need to be judicious with these dollars, and most of this is not going to coronavirus relief anyway,” he said.

Congressmen Mooney said that things have gone completely out of control. The Congressional Budget Office estimates an additional $ 104 trillion will be added by 2050. The Congressional Budget Office forecasted debt would rise 200 %.

“Today, as I stand here right now, we have $ 27.9 trillion in national debt…That is actually a little more than $ 84,000 of debt to every American citizen right here today,” Mooney said.

“We have actually borrowed $ 10,000 per person in one year. I mean, that is out of control,” he said.

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One thought on “U.S. owes India $ 216 billion as American debt soars to $ 29 trillion: lawmaker

  • February 28, 2021 at 6:57 am

    The United States owes India US $ 216 billion in loan , disclosed by an American lawmaker on 28 February 2021.
    According to the news reports on 28 February 2021 , while cautioning the leadership against galloping foreign debt , an lawmaker has said that the United States owes India US $ 216 billion in loan. This fact may be known to RBI or some economists of India , still it can be said that the information may be an encouraging news to common man , who is perceived to be unaware of this. In this context , it may be apt to share with readers one of predictions in article as follows published at english.nirpakhawaaz.in on 29 January 2021 :-
    “Predictive alerts for more care and appropriate strategy in vulnerable countries of world during 9 February , particularly from mid-February to 10 March in 2021”.
    The substance of the news of 28 February 2021 appears to have been implied in the prediction on 29 January 2021 , which reads as :-
    “( B ). Now , India is taken up covering the period from about 9 February , particularly from mid-February to 10 March in present year 2021.
    ( 10 ). There is an encouraging news as well. News of new source of revenue or income opening up through medicine or medical research or Ayurveda or Yoga done in past is likely during the period identified here. Some hidden wealth in the temples or otherwise can bring a happy news”.

    Link to reach the article published on 29 January 2021 :- http://english.nirpakhawaaz.in/2021/01/29/predictive-alerts-for-more-care-and-appropriate-strategy-in-vulnerable-countries-of-world-during-9-february-particularly-from-mid-february-to-10-march-in-2021/


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