US debt rose by 570 billion in June and exceeded the GDP of China, Japan, Germany and the UK combined

In the past two weeks alone, more than half a trillion dollars has been thrown into the US government's debt spiral.

According to the latest data, as of June 20, the US national debt stood at $32.03 trillion, up $571 billion from its $31.46 trillion on June 1.

The total US debt is currently greater than the combined gross domestic product of China, Japan, Germany, and the UK combined, at $244,000 per American household.

At current interest rates, the US currently pays out more than $2 billion a day in interest payments, and even if every American family contributed $1,000 a month to pay off the debt, it would still take 20 years to pay off the debt.

While the US debt problem is getting a lot of attention from both analysts and ordinary Americans, most experts still expect the problem to worsen over the next decade.

Nigel Greene, CEO of the global financial advisory deVere Group, recently predicted that America's debt is much more likely to reach the $50 trillion level than to shrink to more reasonable numbers.

“What's wrong with Americans in particular? Well, the debt continues to grow. In other words, right now we are at $31 trillion. For payback, 8% is required - to adjust your tax debt.

And you would say, "Well, that's just that percentage." Well, you might argue that yes. But if it continues to grow and at some stage there is a recession, then, of course, America will struggle with paying off its debts.

I ask myself the question: now it is $31 trillion, which is more likely to reach $50 trillion or $25 (trillion)?

Ultimately, the reality is that it is more likely to reach $50 trillion than $25 trillion. So we have this ongoing situation. It's not a crash right now, but (at) some point in the future, America must pay off its debt."

Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, also recently said the US is entering what he called "a very classic late-big-cycle debt crisis."

“There are a lot of debts. It needs to be bought. It must have a sufficiently high interest rate.

If we continue on this path in terms of what is likely to happen in the next five and ten years, then you will reach a point where this balance becomes very difficult.”