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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 ...
National Debt Clock outside the IRS office in NYC, April 20, 2012. Government debt accumulation may lead to a rising interest rate, [10] which can crowd out private investment as governments compete with private firms for limited investment funds. Some evidence suggests growth rates are lower for countries with government debt greater than ...
Between 1989-2020, the national debt soared by more than 800% as Congresses and presidents from both parties approved massive spending increases and massive tax cuts at the same time.
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 ...
The U.S. government’s gross national debt has surpassed $34 trillion, a new record. ... while liberals objected to components like expanded work requirements for food stamps and future spending ...
The U.S. debt ceiling has dominated the news in 2023, as financial pundits predicted dire consequences if the U.S. were to exceed this Congressionally-imposed spending limit. Ultimately, disaster ...
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 ...
Over the last 30 years, the U.S. has steadily increased its national debt from $4 trillion to $28.43 trillion through December 2021, according to government data. And it crossed the $30 trillion ...