#USNationalDebt

Update on the National Debt of the USA: $36.21 trillion! 💸

As of September 30, 2024, the national debt of the USA stands at an impressive $36.21T, according to the Debt to the Penny dataset. This is the total amount that the federal government has borrowed to cover expenses over time, much like a credit card balance that continually grows when expenses exceed income.

📊 Key Facts:

• The debt is a mix of traded bonds (e.g., government bonds) and non-bond securities that are owned by the public and intergovernmental organizations.

• The debt has increased from the Revolutionary War ($75M in 1791) to $35.46T in 2024, with spikes during wars, the 2008 recession, and COVID-19 spending.

• The debt-to-GDP ratio reached 123% in 2024, indicating that the USA owes more than its annual economic output, complicating repayment.

💡 Why it matters: The national debt funds critically important programs and services, but ongoing deficits increase it. Curious about the distribution? Check out USAspending.gov for details!