President Trump signed a new domestic policy bill with tax cuts that could add $3 trillion to $4 trillion to the national debt, impacting the economy and individuals. The total national debt has tripled in the last 20 years, reaching $35.46 trillion in 2024. Interest spending now makes up 13% of overall expenditures. The debt-to-GDP ratio has grown to 123%. Rising costs from entitlement programs, defense, and healthcare contribute to the debt. Experts suggest higher taxes as a solution, but political atmosphere makes it unlikely. National debt projected to reach $52 trillion by 2035. Rising debt could reduce economy, jobs, and wages. The rising national debt could lead to 1.2 million job losses by 2035 and 3% wage decrease by 2055. Increasing government revenue through higher tax rates is a key solution. Interest rates could rise due to deficits, impacting property, cars, and business investments. A 1% deficit increase could raise car loan interest by $200 and mortgage interest by $2,300 annually. Inflation could also rise, leading to a loss of $300 to $1,250 in purchasing power. Moody’s downgrade of the US credit rating has made addressing the national debt a top priority for 80% of survey voters. The risk of a US default on debt could trigger an international crisis.

Read more at 1. Pfizer reports higher-than-expected revenue for the first quarter of 2021 due to strong sales of its COVID-19 vaccine, with revenue reaching $14.58 billion. – finance.yahoo.com

2. Tesla’s first-quarter revenue jumps to $10.39 billion, surpassing analysts’ estimates, driven by increased sales of its electric vehicles. – finance.yahoo.com

3. Amazon’s first-quarter revenue climbs to $108.52 billion, beating Wall Street expectations, as the e-commerce giant continues to benefit from the surge in online shopping during the pandemic. – finance.yahoo.com: How rising national debt can affect your finances