The U.S. national debt has surged to unprecedented levels, now exceeding $34 trillion. This translates to more than $100,000 for every American, highlighting the immense fiscal burden the country faces. As of mid-2024, the debt per capita stands at approximately $101,591, a stark reminder of the ongoing fiscal challenges.
Over the past few decades, the national debt has seen exponential growth. For context, the national debt was around $26 trillion in 2020, equating to $80,885 per person. The rapid increase in debt is attributed to various factors, including significant federal spending and economic relief measures during the COVID-19 pandemic.
America’s national debt is almost $35 TRILLION.
Sooner or later, we’ll reach the straw that breaks the camel’s back.
Yet our politicians won’t even talk about the problem.
I will: pic.twitter.com/FzuahxfODh
— John Stossel (@JohnStossel) June 18, 2024
The Biden administration has faced criticism for its substantial federal spending, which has significantly contributed to the burgeoning national debt. Since January 2021, President Biden has overseen legislation that added over $3.37 trillion in new spending. This includes major initiatives like the American Rescue Plan Act, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act.
Moreover, executive actions related to student loan pauses and expansions of social programs have further exacerbated the debt situation. These measures alone have added hundreds of billions of dollars to the federal ledger, pushing the overall new borrowing under Biden to approximately $4.8 trillion in just two years.
Thank you, @glennbeck, for reminding Americans that following the Constitution isn’t “extreme.”
What’s extreme is a government that gives us:
—a $35 trillion national debt
—using FISA 702 for warrantless surveillance of Americans
—working months each year to pay taxes… https://t.co/BozbUVzBqm
— Mike Lee (@BasedMikeLee) June 19, 2024
The soaring national debt has significant economic implications. Interest payments on the debt have surged, with a 33% increase in just one year, adding $177 billion to the annual expenditure. This growing fiscal burden threatens to crowd out essential spending on defense and other critical areas, potentially weakening national security and economic stability.
The Congressional Budget Office (CBO) has warned of the long-term risks associated with the national debt, projecting that it could reach 150% of GDP by 2043 if current trends continue. The combination of high spending and political gridlock over tax reforms exacerbates these fiscal challenges, leaving the country in a precarious financial position.
Former Treasury Secretary Robert Rubin has emphasized the urgent need for fiscal reforms, advocating for tax increases to manage the debt crisis. However, political divisions between Republicans, who oppose tax hikes, and Democrats, who resist cuts to entitlement programs, have stalled meaningful progress.
As the national debt continues to grow, so does the concern among economists and policymakers about the future economic health of the United States. Addressing this issue will require bipartisan cooperation and a commitment to sustainable fiscal policies to prevent further escalation of the debt crisis.
