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The National Debt Represents Money Borrowed and Owed by You The national debt is the money the United States government owes its creditors. It borrowed that money on your behalf and in your name.
The United States government has tended to spend more money than it takes in, indicated by a national debt that was close to $1 billion at the beginning of the 20th century. The budget for most of the 20th century followed a pattern of deficits during wartime and economic crises, and surpluses during periods of peacetime economic expansion.
This has fueled a massive increase in the federal debt, which now totals $34 trillion, about $6 trillion more than America’s gross domestic product (GDP), the value of all the goods and services ...
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] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
At $33 trillion and counting — actually, it's presently above $33.75 trillion — America’s national debt is astonishingly high. But government deficits don’t exactly work like household ...
U.S. debt from 1940 to 2011. Red lines indicate the "debt held by the public" and black lines indicate the total national debt or gross public debt. The difference is the intragovernmental debt, which includes obligations to government programs such as Social Security. The top panel shows debt deflated to 2010 dollars; the second panel shows ...
If the average daily rate of debt growth over the past three years continues, the gross national debt will reach $37 trillion within 5 months, $39.2 trillion in 2026, and $40.95 trillion in 2027 ...
Both parties—and the voters—are to blame for the national debt fiasco. ... That free-lunch era is now over. The federal debt exceeds 100 percent of GDP and is set to double or even triple over ...