America’s debt crisis is accelerating at a staggering pace, with the national debt now increasing by roughly $6 billion every single day — a rate that’s outpacing the GDP of dozens of nations.
According to the US Congress Joint Economic Committee’s Debt Dashboard, the total US national debt stands at $37.9 trillion, climbing by around $69,890 per second, or nearly $4.2 million per minute. At this rate, the US is expected to break the $38 trillion mark within the next three weeks.
US Representative Keith Self warned that if this trajectory continues, the debt could surge past $50 trillion within a decade, urging lawmakers to take immediate action.
“Congress must act now — demand fiscal responsibility from your leaders before the gradual slide becomes a sudden collapse,” Self said on Friday.
Bitcoin and Gold Shine as Safe Havens
As debt concerns mount and the dollar faces ongoing pressure, investors are increasingly shifting toward hard assets like Bitcoin and gold.
Last week, JPMorgan referred to these assets as the “debasement trade,” noting that both are benefiting from rising skepticism toward fiat currencies.
Bitcoin recently hit a new all-time high of $125,506, while gold climbed to $3,920, marking record levels for both.
Even former skeptics are changing their tune. BlackRock CEO Larry Fink, who once dismissed Bitcoin, said earlier this year that the cryptocurrency could reach $700,000 amid fears of currency devaluation.
Meanwhile, Bridgewater Associates founder Ray Dalio has continued to advocate for portfolio diversification through Bitcoin and gold, recommending that investors allocate around 15% of their assets to these “hard money” alternatives to achieve a better risk-reward balance.
Global Debt Crisis Expands
Dalio also emphasized that the US isn’t alone in its fiscal spiral. He pointed to the UK and other Western nations, warning that they are caught in a similar “debt doom loop”, with weakening currencies and excessive spending.
A Reuters report citing data from the Institute of International Finance revealed that global debt hit a record $337.7 trillion by the end of Q2 — a result of ongoing quantitative easing and a softer US dollar.
Trump’s Push to Rein in Spending
The Trump administration has made debt reduction a key objective, introducing measures aimed at curbing government waste. In collaboration with Tesla CEO Elon Musk, the Department of Government Efficiency reportedly saved $214 billion by streamlining operations and eliminating redundant spending.
In July, President Donald Trump signed what he called the “Big Beautiful Bill Act”, projected to save $1.6 trillion over the next decade. However, the plan also led to short-term costs, contributing to the debt’s rise past $37 trillion, with estimated implementation expenses of $3.4 trillion.
Although Musk’s 130-day stint as a special government employee has ended — and his relationship with Trump has reportedly cooled — their joint initiative remains one of the administration’s most ambitious fiscal reform efforts.
As the US approaches a $38 trillion debt milestone, investors and policymakers alike are bracing for what could be a defining economic turning point — one that may determine the global financial order for years to come.
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