#USNationalDebt The US national debt has recently crossed $37 trillion, with each citizen's share amounting to over $107,000 and the average taxpayer's share exceeding $323,000. Here's a breakdown of the current situation:
- Total Debt: Over $37 trillion, with the debt per citizen standing at $107,984 and per taxpayer at $323,051.
- Debt Growth: The national debt has been growing rapidly, driven by unchecked spending and mounting liabilities. In February 2024, the total federal government debt rose to $34.4 trillion, increasing by approximately $1 trillion during each of two separate 100-day periods since the previous June.
- Interest Payments : Interest payments alone cost taxpayers $5.47 trillion, diverting resources from other national priorities and investments. In fiscal year 2024, $1.13 trillion went toward maintaining the debt, which was 17% of total federal spending.
- Debt-to-GDP Ratio: The US national debt stands at approximately 130% of the nation's $34.63 trillion GDP, marking a significant increase since 2018 when the ratio was 78%.
- Debt Composition: The national debt is split into two categories:
- Intragovernmental Debt: Money owed to government and federal agencies, such as Social Security and pension funds, totaling around $7.3 trillion or 20% of the total debt.
- Public Debt: Debt held by the public, including foreign governments, with China and Japan being the two largest foreign creditors, each holding over $1 trillion in US Treasury securities.
The US national debt has been a concern due to its long-term sustainability implications, with the Congressional Budget Office forecasting the debt-to-GDP ratio to rise to nearly 100% by 2028.
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