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United States balance of trade (from 1960), with negative numbers denoting a trade deficit; The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154]
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001, though the national debt still increased. [47] From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).
Further, CBO estimated in 2021 that the national debt would be $35.3 trillion in 2031. But CBO’s estimate published this year suggests the budget deficit will be $41.99 trillion in 2031, an ...
The 2011 S&P downgrade was the first time the US federal government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011.
Last last week, Bill Dudley, the former president of the Federal Reserve Bank of New York, made waves with his column, “Five Reasons to Worry About Faster U.S. Inflation,” for Bloomberg.
The U.S. national debt broke a new record after crossing the $36 trillion mark for the first time as the federal government's mounting budget deficits cause the debt to surge.
In February 2021, The New York Times reported: "Since 1933, the economy has grown at an annual average rate of 4.6 percent under Democratic presidents and 2.4 percent under Republicans ... The average income of Americans would be more than double its current level if the economy had somehow grown at the Democratic rate for all of the past nine ...
The U.S. national debt topped $31 trillion for the first time on Monday, a milestone that comes nine months after it first hit $30 trillion. The total public debt outstanding is now just over $31. ...