Summary
The United States national debt has reached $38 trillion, which highlights a growing gap between what the government spends and its income. This amount equals about $111,000 of debt for each person in the country. Discussion continues about the impact of high debt on the economy, with experts suggesting that current levels are not sustainable.
Key Facts
- The U.S. national debt has reached over $38 trillion as of a recent Treasury report.
- This debt level means about $111,000 is owed for each U.S. citizen.
- The current national debt is equivalent to the combined economies of China, India, Japan, Germany, and the UK.
- The national debt increased by over $1 trillion in about two months, from mid-August to November 2024.
- Michael A Peterson criticized U.S. lawmakers for not managing the debt responsibly.
- Moody’s downgraded the U.S. credit rating due to ongoing high deficits and debt costs.
- The Congressional Budget Office suggests the debt could reach 200% of GDP by 2047.
- President Trump's One Big Beautiful Bill Act included significant tax cuts impacting debt trends.
