#USNationalDebt USNationalDebt

🇺🇸 Update on the US National Debt: $36.21 trillion! 💸

As of September 30, 2024, the national debt of the United States stands at an astounding $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, like a credit card balance that keeps growing when expenses exceed income.

📊 Key Facts:

• The debt is a mixture of traded bonds (such as treasury bonds) and non-traded securities that are held by the public and intergovernmental organizations.

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

• The debt-to-GDP ratio reached 123% in 2024, indicating that the US 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 breakdown? Check out USAspending.gov for details!