U.S. debt spiked 11.7% to $55.9 trillion in Q1 as COVID-19 decimated economy

Let the debt binge commence!

If you thought it was just Uncle Sam gorging on debt, then you have not met the rest of the consuming public.

According to the Federal Reserve data released on Thursday, U.S. debt spiked 11.7 percent in the first quarter to $55.9 trillion. Here is where the debt increases were concentrated:

– Corporate debt: 18.8 percent
– Government debt: 14.3 percent
– Household debt: 3.9 percent
– Consumer debt: 1.6 percent.

This comes as the national debt recently topped $26 trillion.

Net worth also cratered as the stock market’s value plummeted $7.4 trillion to $110.8 trillion in the first three months of 2020. Surprisingly, real estate value jumped by $400 billion in the January-to-March period.