As the US blows past $33 trillion in national debt for the first time - and adds roughly $1 billion in new debt every hour, a comprehensive new report from the Heritage Foundation reveals that the US government has tacked on $7.5 trillion in new debt over past two years alone, drawing a stark image of America's economic prospects.

The report sheds light on a series of colossal spending packages rolled out between March 2020 and December 2022, amounting to an astronomical $7.464 trillion in debt, or a staggering $57,400 per household.

The Heritage Foundation splits the ordeal into three components: the nature of federal spending, the Federal Reserve's role in this fiasco, and the impending ramifications of this debt accumulation. The conclusions drawn are far from comforting. Much of the pandemic-era expenditure was not only unwarranted but actively detrimental, leaving the country grappling with an inflation surge, labor shortages, and broken supply chains, Fox News reports.

"The COVID-19 pandemic unleashed unprecedented federal fiscal and monetary actions that wasted trillions of dollars," said the Heritage experts.

Indeed, most of this drunken spending was done in the name of a virus that kills less than 1% of those it infects (mostly the elderly and the obese), and employed extreme lockdown measures which were no more effective than countries that refused to do the same.

The authors say that the US Congress failed to couple any justifiable pandemic spending with measure to reduce future deficits.

"A looming fiscal crisis has shifted from a long-term concern to a current event. Congress must return to responsible governance for America to avoid further economic calamity," the report concludes.