#USNationalDebt The **U.S. national debt** is the total amount of money that the federal government owes to creditors, including individuals, businesses, foreign governments, and other entities. Here are the latest key details (as of **June 2024**):

### **Current U.S. National Debt (Approx.)**

- **Total Debt:** **$34.8 trillion** (as of June 2024)

- This includes **$27.3 trillion in public debt** (held by investors, foreign governments, etc.)

- And **$7.5 trillion in intragovernmental debt** (owed to federal trust funds like Social Security).

### **Debt per Citizen**

- **~$103,000 per U.S. citizen**

- **~$267,000 per taxpayer**

### **Recent Trends**

- The debt has been growing rapidly due to:

- **Deficit spending** (government spends more than it collects in taxes)

- **Tax cuts** (e.g., 2017 Tax Cuts and Jobs Act)

- **Economic stimulus** (COVID-19 relief packages, infrastructure bills)

- **Rising interest rates** (increasing debt servicing costs)

### **Debt-to-GDP Ratio (2024)**

- **~123%** (Debt is larger than the U.S. economy's annual output)

- This is considered high and could pose long-term economic risks.

### **Who Owns the U.S. Debt?**

1. **U.S. Investors & Institutions (Public Debt):** ~60%

- Includes the Federal Reserve, mutual funds, banks, and individual investors.

2. **Foreign Governments:** ~30%

- Largest holders:

- **Japan (~$1.1 trillion)**

- **China (~$770 billion)**

- **UK, Luxembourg, Switzerland, others**

3. **U.S. Government Trust Funds (Intragovernmental Debt):** ~20%

- Social Security, Medicare, military retirement funds.

### **Is the Debt a Problem?**

- **Short-term:** The U.S. can borrow cheaply (strong credit rating).

- **Long-term risks:**

- Rising interest payments could crowd out other spending.

- Potential inflation or financial instability.

- Political debates over spending cuts vs. tax increases.

### **Latest Updates (2024)**

- The debt continues to grow by **~$1 trillion ?