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As of September 30, 2014, debt held by the public was approximately $12.8 trillion. Intra-governmental debt, such as the Social Security trust fund, was at $5.0 trillion, giving a combined public debt or national debt of $17.8 trillion or about 105% GDP. [9] The debt-to-GDP ratio is projected to continue rising if the U.S. continues current ...
Economist Paul Krugman wrote in 2014 that "the best working hypothesis seems to be that the financial crisis was only one manifestation of a broader problem of excessive debt--that it was a so-called "balance sheet recession". [5] U.S. household debt rose from approximately 65% GDP in Q1 2000 to 95% by Q1 2008. [9]
In March 2017 they wrote of rising national debt, "Both parties have contributed to the problem, and leaders in both are unwilling to ruffle feathers and make the tough choices needed." [ 6 ] They said of gross national debt exceeding $22 trillion in February 2019, "This milestone is another sad reminder of the inexcusable tab our nation's ...
Penn Wharton Budget Model analysis outlines policies the Trump administration could pursue to reduce the long-term growth of the national debt while spurring additional economic growth.
Today, the national debt actually exceeds the GDP of the entire U.S. economy, hitting $33.84 trillion. In the past few years, the national debt has risen dramatically due to increased spending on ...
That’s basically how we got from a $6 trillion national debt in 2001 to a $33 trillion debt in 2023. So what’s the plan? There are a variety of ways to get the debt under control .
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.
In the first quarter of 2024, federal debt as a percent of GDP was 97.3%. This large debt burden and the lack of spending restraint is causing some economists and investors to worry about a ...