Finance Professor Says $34 Trillion in Federal Debt Could Trigger Meltdown, Derail the Next Administration

National debt reached a record high of $34 trillion at the end of 2023, with the federal government’s total debt going up by $2.65 trillion.

The National Debt Clock is seen at a bus stop in Washington on July 31, 2023. Madalina Vasiliu/The Epoch Times

A finance expert is sounding the alarm over America’s growing debt, predicting the $34 trillion burden could trigger a meltdown as early as next year if more isn’t done to curb spending.

According to Joao Gomes, a senior vice dean for research and academic initiatives at Wharton Business School at the University of Pennsylvania, the United States’ growing debt could upset global financial markets in 2025 should the next president announce a raft of expensive policies following an election win in 2024.