$BTC The US national debt is approximately $36.214 trillion, according to the latest data from the US Department of the Treasury. To put that into perspective, the debt per person in the US is around $106,111, with the total debt accounting for about 120.8% of the country's GDP.
*Key Factors Contributing to the Growing National Debt:*
- *Demographics*: The aging baby-boom generation's retirement and increased longevity are putting pressure on federal programs like Social Security and Medicare.
- *Rising Healthcare Costs*: The US healthcare system is the most expensive in the world, with costs nearly twice as high as other advanced nations.
- *Inadequate Revenues*: The US tax system doesn't generate enough revenue to cover government spending, leading to higher annual deficits and mounting debt.¹ ²
*Consequences of the National Debt:*
- *Interest Payments*: The government spends over $2.6 billion daily on interest, which is the fastest-growing part of the federal budget.
- *Burden on Future Generations*: The growing debt hinders the economy and leaves fewer resources for investing in a stronger, more resilient future.
*Potential Solutions:*
- *Increasing Revenue*: Higher taxes or improved tax collection could help reduce the debt.
- *Cutting Government Spending*: Reducing spending on programs or projects could also help stabilize debt levels.
- *Promoting Economic Growth*: Boosting GDP could lower the debt-to-GDP ratio and make the debt more manageable.
