The increasing costs of living have extended to a national scale, impacting not only individuals but also our country as a whole.
The current U.S. National Debt has soared to unprecedented levels, making it the highest in the nation’s history.
The United States’ national debt has exceeded $35 trillion for the first time, reported Fox 4 KDFW.
According to information released by the Treasury Department, the total national debt reached $35,001,278,179,208.67 on Monday.
This milestone was achieved shortly after the U.S. crossed the $34 trillion mark in early January 2024 and the $33 trillion mark in September 2023.
Here is additional information from Fox 4 regarding the country’s financial status:
By comparison, the national debt hovered around $907 billion just four decades ago.
US national debt: What to know
The national debt enables the federal government to pay for important programs and services for the public, and the U.S. has carried debt since its inception, the Treasury Department states on its website. This includes debt incurred during the American Revolutionary War, which amounted to $75 million and was primarily borrowed from domestic investors and the French government for war materials.Notable recent events that have triggered larger spikes in the national debt include the Afghanistan and Iraq Wars, the 2008 recession, and the COVID-19 pandemic, according to the Treasury Department.
From fiscal year 2019 to fiscal year 2021, spending increased by about 50% – largely due to the pandemic, the department notes on its website. This includes tax cuts, stimulus programs, increased government spending, and decreased tax revenue caused by widespread unemployment.
The U.S. topping $35 trillion in total debt comes as the debt held by the public – a metric favored by economists that excludes debt held in intragovernmental accounts like the Social Security trust funds – is projected to reach 99% of the size of the U.S. gross domestic product this year.
“This news is incredibly sobering – and incredibly unsurprising for anyone who has been following our fiscal trajectory,” Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, said in a statement.