US National Debt

The US National Debt gross domestic product (GDP) percentage from 40% to a little over 100% in 45 years.

FRED

The US National Debt gross domestic product (GDP) percentage from 40% to a little over 100% in 45 years.

Hang on for a minute...we're trying to find some more stories you might like.


Email This Story






You’ve heard of stores such as Netflix and Apple are in debt of billions of dollars, but what a debt in the trillions. To be more specific, 22 trillion dollars. The US is in debt with 22 trillion dollars and isn’t planning to start paying it back any time soon because of this, the US will have lower economic growth. It will take a lot of money. The government will have to get the money somewhere and we all know how they like to use their citizens money so they will just raise the tax prices. In 1981, the US had reached the one trillion dollar debt mark for the first time. After that it kept growing, growing, and growing. 

People who buy bonds, which are loans that the US is supposed to pay back to US citizens, international investors and foreign governments, who all invest into the US for bonds. The federal government also owes money to other departments of the government. The presidents contribute to the debt as well. Each time they send more US troops to a country it goes up. Each time they add more protection to our borders or airports it raises the debt. All of these things combined make the debt huge. If we don’t do anything about it soon people might not invest in the US anymore. They might think the US is untrustworthy because we don’t pay back our debts. 

“It could leave the federal government with less spending power in a downturn.””

— Annie Nova

 

Accounting Degree Reviews states, “High national debt means little economic growth. Unfortunately, this also means fewer jobs…” This could mean that we have another Great Depression on our hands. During the depression, 25% of all people were homeless and housing prices dropped 30%. This wouldn’t be good for the US. The higher national debt can also mean that the government will have  to raise taxes.

The US government is 22 trillion dollars in debt. This is the most debt the government has ever had. Annual deficits and the national debt rose to a new height under the Obama administration. The trend has continued under Trump’s presidency. By 2029, the government debt is estimated to reach $28.7 trillion. The national debt almost doubled under Obama. It was $10.6 trillion when he first took office and after he left  it was about $20 trillion.

The US is in debt with 22 trillion dollars and isn’t planning to start paying it back any time soon. The federal government also owes money to other departments of the government. This could mean that we could have another Great Depression on our hands. The national debt almost doubled under Obama. It was $10.6 trillion when he took office and after he went out of office it was about $20 trillion.