#USNationalDebt The **U.S. national debt** is a critical economic and political issue, representing the total amount of money the federal government owes to creditors. Here’s a quick overview:
### **Current U.S. National Debt (June 2024)**
- **Total Debt:** ~$34.8 trillion ([U.S. Treasury](https://www.treasurydirect.gov/))
- **Debt-to-GDP Ratio:** ~123% (GDP is ~$28 trillion)
- **Per Citizen:** ~$103,000
- **Per Taxpayer:** ~$265,000
### **Key Drivers of Debt Growth**
1. **Deficit Spending** – The government spends more than it collects in revenue (taxes).
2. **Tax Cuts** – Reductions in revenue (e.g., 2017 TCJA).
3. **Economic Crises** – COVID-19 relief, 2008 financial crisis.
4. **Entitlement Programs** – Social Security, Medicare, Medicaid.
5. **Interest Costs** – Rising rates increase debt servicing costs (~$1 trillion/year).
### **Debt Ceiling & Political Debates**
- The U.S. has a **statutory debt limit**, leading to frequent political standoffs.
- In 2023, Congress suspended the ceiling until **January 2025**, avoiding default.
### **Long-Term Concerns**
- **Unsustainability** – Debt growing faster than the economy.
- **Inflation & Interest Rates** – Higher borrowing costs strain budgets.
- **Generational Impact** – Future taxpayers may face higher taxes/reduced services.
### **Debt Clock (Live Tracking)**
🔗 [US Debt Clock](https://www.usdebtclock.org/)
Would you like details on specific aspects (historical trends, solutions, global comparisons)?