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The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
The U.S. government will pay close to $900 billion this year just in interest payments on the national debt. ... The consequences are sobering. Politicians like to use euphemisms to describe what ...
The federal government's gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America's balance sheet in the ...
For years, budget hawks warned about the damaging effects of the mushrooming national debt, which now totals more than $33 trillion. But they had to speculate about how a debt crisis would ...
The national debt is the total amount of money the U.S. owes its creditors, which includes “the public” (individual investors, businesses, commercial banks, pension funds, mutual funds, state ...
If the average daily rate of debt growth over the past three years continues, the gross national debt will reach $37 trillion within 5 months, $39.2 trillion in 2026, and $40.95 trillion in 2027 ...
Other potential consequences of a default would include reduced consumer confidence, a recession, immediately stopping about 10% of the American economy, increasing the cost of a 30-year mortgage, losing three million jobs in the U.S., and increasing the national debt due to higher interest rates. [27]
The national debt rose $238 billion (or about 60% of the new debt ceiling) on August 3, the largest one-day increase in the history of the United States. [107] [108] The US debt surpassed 100 percent of gross domestic product for the first time since World War II. [109]