Breaking Down US Debt, Canva's Journey & Finance Updates

US Debt Explodes Past $34 Trillion: A Looming Storm for Future Generations?

The US national debt is at all-time high of $34 trillion.

Here's a brief history of it :

Early Days:

The US started with debt. Funding the Revolutionary War cost $75 million, a hefty sum then.

By 1835, under President Andrew Jackson, the debt was miraculously paid off, a brief feat in US history.

Wartime Surges:

The Civil War sent the debt skyrocketing, from $65 million to nearly $3 billion by 1865.

World wars followed similar patterns, pushing the debt to $270 billion after World War II and over $900 billion after Vietnam.

Post-War Fluctuations:

Periods of peace and economic growth saw debt reduction, reaching a low of 33% of GDP in 1974.

However, tax cuts and increased military spending in the following decades drove the debt back up.

Recent Escalation:

The Great Recession of 2008-2009 saw the debt balloon to $16 trillion due to government stimulus programs.

Further tax cuts and pandemic response measures under President Trump and President Biden fueled the debt's rapid ascent.

The Present and Beyond:

As of today, the US debt stands at over $34 trillion, more than the annual GDP.
Debt servicing costs eat up a significant portion of the budget, and concerns about long-term fiscal sustainability are growing.

Political debates rage over spending cuts, tax increases, and economic growth strategies to tackle the mammoth debt.

How Melanie Perkins Turned Rejection into a Global Design Empire: The Canva Story

In 2007, Melanie Perkins was working a part-time job while studying in Perth, Australia, teaching students how to use desktop design software. The software was expensive, complex, and required a semester’s worth of instruction to learn how to use, prompting Perkins to ask, “Is there a way this could be simpler and less expensive?”

Perkins’s goal to create an affordable, simple, online design tool was originally turned down by over 100 investors—it wasn’t until three years into her pitching process that Canva received its first investment.

Perkins credits this investment to a shift in her pitching strategy: She began leading with the relatable problem Canva aims to solve.

“A lot of people can relate to going into something like Photoshop and being completely overwhelmed," Perkins said in an interview for Inc. "It's important to tell the story, because if your audience doesn't understand the problem, they won't understand the solution."

Today, 135 million customers use Canva to create designs across 190 countries.

Perkins’s story reflects the importance of effectively communicating the value of a business idea, as well as the tenacity and resilience required for entrepreneurial success.

Recent Finance News

Gautam Adani surpasses Mukesh Ambani to become the richest Indian on Bloomberg Billionaires index. Source

Nearly 97.38% Rs 2,000 notes returned to banking system; Rs 9,330 cr still with public: RBI. Source

India likely to surpass FY24 target for state-run firms' dividends by at least $1.4 billion. Source

Punjab's GST revenue rises 16.52% to Rs 15,524 cr in April-December. Source

India’s GDP likely to grow 7.3% in FY24: NSO data. Source