#USNationalDebt The US national debt is approximately $36.56 trillion, with $29 trillion held by the public and $7.4 trillion in intragovernmental debt. This debt has been increasing over time due to factors such as ¹:
- *Government Spending*: Excessive spending on programs and services, including healthcare and defense
- *Tax Cuts*: Reduced tax revenues due to tax cuts, such as the GOP Tax Cuts and Jobs Act of 2017
- *Aging Demographics*: Increasing pressure on federal programs like Social Security and Medicare due to an aging population
- *Rising Healthcare Costs*: Growing healthcare expenses and their impact on the federal budget
The national debt has significant implications, including ²:
- *Interest Payments*: The cost of servicing the debt, which is projected to nearly double in the next decade, reaching over $2.6 billion per day
- *Economic Burden*: The growing debt may hinder future economic growth and limit resources for important investments
- *Fiscal Sustainability*: The need for policymakers to address the structural drivers of the debt, including demographics, healthcare costs, and inadequate revenues
Some key statistics about the US national debt include ¹ ²:
- *Debt per Person*: Approximately $106,111 per person in America
- *Debt-to-GDP Ratio*: Expected to rise to 116% by 2034, potentially reaching 172% of GDP by 2054
- *Foreign Holdings*: Foreign governments hold around 33% of publicly held US debt, with Japan and China being among the top holders.