Your Share of the National Debt is ... $105,000
The National Debt for 2024 will be $1.8 TRILLION... Does it concern you?
The big picture: The U.S. federal deficit for fiscal year 2024 hit a staggering $1.8 trillion, according to the Congressional Budget Office (CBO). This marks an increase driven largely by higher interest costs, Social Security, and Medicare expenses—putting the country's financial stability under scrutiny. While it’s easy to feel detached from these big numbers, should you be concerned?
Why it matters:
The federal deficit isn’t just an abstract figure. It’s a sign that the government is spending much more than it’s bringing in through taxes, which can have ripple effects on economic growth, inflation, and even future tax policies. Unlike previous times of high deficits—such as during wars or economic crises—today’s deficit is growing during a period of low unemployment and solid growth, making it more concerning.
Key factors contributing to the deficit:
- Social Security and Medicare: These two major entitlement programs saw a 6% increase in costs from last year, with spending expected to rise even further as the population ages.
- Interest payments: The U.S. paid $950 billion in interest on its debt—34% higher than the previous year—mainly due to rising interest rates. This surpasses military spending and represents a significant chunk of federal outlays.
- Tax collection quirks: While revenue climbed 11%, some of that was due to unusual factors like deferred tax payments from disaster-hit areas in California.
What does it mean for you?
Every American’s share of the national debt now stands at approximately $105,000. This isn’t a direct bill anyone has to pay, but it illustrates the growing burden on future generations and the risk of higher taxes or reduced government services down the line if nothing changes.
The politics:
Both major-party presidential candidates are proposing tax and spending plans that could add trillions more to the deficit over the next decade. Donald Trump’s proposals focus on tax cuts, which analysts estimate could increase deficits by $7.5 trillion over 10 years. Kamala Harris is advocating for expanding Medicare and maintaining Social Security benefits, but her policies are projected to add $3.5 trillion to the deficit.
What experts say:
Economists are divided. Some argue that persistent deficits and growing debt are manageable and don’t pose an immediate crisis. Others warn that the current path is “unsustainable” and could limit the government’s ability to respond to future emergencies or fund new initiatives.
Should you care?
Here’s why you might want to keep an eye on it:
- Rising interest costs: As the government borrows more to cover its deficit, interest payments grow, potentially crowding out spending on essential services like education and infrastructure.
- Long-term economic risks: A higher debt burden can lead to lower economic growth in the long run, making it harder for future generations to prosper.
- Tax implications: More debt today could mean higher taxes tomorrow, especially if interest costs continue to climb.
What’s next?
Whoever wins the next election will face tough decisions about spending levels, expiring tax cuts, and the debt ceiling. Both parties talk about reducing the deficit, but bipartisan agreement on how to do so has been elusive. Without addressing major cost drivers like Social Security and Medicare, the deficit is likely to continue growing.
With each American’s share of the national debt now at $105,000, do you think the U.S. should focus on reducing its debt, or are there more immediate concerns that need attention?
The Latest
-
Your Share of the National Debt is ... $105,000The big picture: The U.S. federal deficit for fiscal year 2024 hit a staggering $1.8 trillion, according to the Congressional read more... Deficits & Debt
-
Election News: Second Trump Assassination Attempt, and Poll UpdatesElection Day is 6 weeks away. Here's what's going on in the polls and the presidential candidates' campaigns. September 24 , read more... Congress Shenanigans -
More Women Face Pregnancy-Related Charges After Roe’s Fall, Report FindsWhat’s the story? A report released by Pregnancy Justice, a women's health advocacy group, found that women have been read more... Advocacy -
IT: 🗳️ A Guide to National Voter Registration DayWelcome to Tuesday, September 17th, voters... Today is National Voter Registration Day, a day dedicated to encouraging you to read more...
Climate & Consumption
Health & Hunger
Politics & Policy
Safety & Security
The United States has had a fluctuating national debt since its inception in 1789:
American Revolution: The U.S. incurred over $75 million in debt during the American Revolution.
Civil War: The debt increased over 4,000% during the Civil War, growing from $65 million in 1860 to almost $3 billion in 1865.
World War I: The U.S. debt increased to roughly $22 billion after World War I.
World War II: The debt increased from $51 billion in 1940 to $260 billion after the war.
1980s: The debt more than tripled between 1980 and 1990 due to tax cuts and increased military spending under President Ronald Reagan.
Great Recession: The debt-to-GDP ratio increased from 64% in 2008 to 100% by 2012.
COVID-19 pandemic: The debt-to-GDP ratio increased from 106% in late 2019 to 133% by the second quarter of 2020.
Other notable events that have caused large spikes in the debt include: The Afghanistan and Iraq Wars and The economic depression after 1835.
The debt is often expressed as a ratio to GDP to allow for comparisons over the years. The debt has consistently increased as a percentage of GDP since the 1970s, with exceptions during the presidencies of JIMMY CARTER AND BILL CLINTON
The National Debt under TRUMP grew by $7.8 trillion, more than at any other time, and "the growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration."
This is posted for the whiny-ass Republicans who only seem to care about debt when they want to use it as leverage in Congress, or talking points about destroying Social Security & Medicare. While this is a two party problem, one party has worked diligently to drive up the deficit, while the other, under Carter & Clinton made inroads to getting us back to black.
One move not mentioned, quit giving tax breaks to the wealthy!!!
"Tax cuts initially enacted during Republican trifectas in the past 25 years slashed taxes disproportionately for the wealthy and profitable corporations, severely reducing federal revenues."
https://www.Tax cuts initially enacted during Republican trifectas in the past 25 years slashed taxes disproportionately for the wealthy and profitable corporations, severely reducing federal revenues..org/article/tax-cuts-are-primarily-responsible-for-the-increasing-debt-ratio/
https://www.propublica.org/article/national-debt-trump
I don't love that we have such a high debt, but I have no control over it and if Congress doesn't care enough to clean up their act, then why should I?
Donald blew up the debt higher than almost any other president in history, and the Republican Congress did nothing about it. In fact, they seem happy to let him come back and make it even bigger.
Sure, there are many factors that contribute to the debt, but unless we're willing to give up Social Security and Medicare and slash our military heavily, we're going to need a lot more income to balance our budget.
It's time to tax the ultra-wealthy and corporations. They need to do their part.
What really concern me is the fact that Donald Trump pays and has paid over the years absolutely zero in taxes to bring down the deficit!
Trump's legacy will be the $8T added to the national debt in his 1st adminustration (and the $6T he is proposing for a 2nd administration), the 3rd largest increase in history, most of which occurred before Covid, despite his campaign promises of paying off the $19T in national debt in 8 years when he took office in 2016. Only Lincoln and Bush added more but both had wars to pay for.
Despite a booming economy and low unemployment Trump racked up massive debt with a tax cut to business and the 1% alledgedly to be paid by renegotiated trade deals, tariffs, and increased GDP which never materialized (never does with tricked down economics).
Trump's 2024 campaign is a sequel to his 1st, promising more tax cuts for businesses and more tariffs estimated to add another $6T to the national debt but no clear play of how to pay for it all.
Trump, who has referred to himself as the "King of Debt" has also taken 13 companies into bankruptcy! A 2nd Trump Presidency may end the same for the U.S.
"The national debt has risen by almost $7.8 trillion during Trump’s time in office... the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by a leading Washington budget maven, Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center. And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war."
"That happened even though the economy was booming and unemployment was at historically low levels. By the Trump administration’s own description, the pre-pandemic national debt level was already a “crisis” and a “grave threat.”
"Falling deeper into the red is the opposite of what Trump, the self-styled “King of Debt,” said would happen if he became president. In a March 31, 2016, interview with Bob Woodward and Robert Costa of The Washington Post, Trump said he could pay down the national debt, then about $19 trillion, “over a period of eight years” by renegotiating trade deals and spurring economic growth."
" When Trump took office in January 2017, the nonpartisan Congressional Budget Office was projecting that federal budget deficits would be 2% to 3% of our gross domestic product during Trump’s term. Instead, the deficit reached nearly 4% of gross domestic product in 2018 and 4.6% in 2019."
" Trump’s tax cuts, especially the sharp reduction in the corporate tax rate to 21% from 35%, took a big bite out of federal revenue. The CBO estimated in 2018 that the tax cut would increase deficits by about $1.9 trillion over 11 years."
" Trump had the third-biggest primary deficit growth, 5.2% of GDP, behind only George W. Bush (11.7%) and Abraham Lincoln (9.4%). Bush, of course, not only passed a big tax cut, as Trump has, but also launched two wars, which greatly inflated the defense budget. Lincoln had to pay for the Civil War. By contrast, Trump’s wars have been almost entirely of the political variety."
" I’m the king of debt. I’m great with debt. Nobody knows debt better than me." (June 2016.)"
"I’m the king of debt. I’m great with debt. Nobody knows debt better than me,” Trump told Norah O’Donnell in an interview that aired on “CBS This Morning.” “I’ve made a fortune by using debt, and if things don’t work out I renegotiate the debt. I mean, that’s a smart thing, not a stupid thing.”
" [Trul] bankrupted so many of his own businesses (Trump Steaks, GoTrump, Trump Airlines, Trump Vodka, Trump Mortgage, Trump the Game, Trump Magazine, Trump University, Trump Ice, The New Jersey Generals, Tour de Trump, Trump Network, Trumped!)"
https://labor411.org/411-blog/here-are-all-of-trump-s-bankruptcies-and-failed-businesses/
https://www.axios.com/2019/01/05/everything-trump-says-he-knows-more-about-than-anybody
https://www.propublica.org/article/national-debt-trump
National debt absolutely concerning!
one cant simply wish it away
something somewhere will have to give sooner than later
you can only kick the can down the road so much
First of all Trump add $8 trillion to the national debt with tax cut to the wealthy and corporations, make them pay their fair share would help the national debt!
DeSantis does not understand she represents Biden and the federal government!