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?
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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.
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
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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
I'm calling BS! Marco Rubio violated any law or statue that it would've gotten anybody in the military court marshal for using a non-secure method to discuss top secret information. Why hasn't this little weasel been singled out and charged with violations of national security? this little bastard is throwing college students out of the country for his idea of breaking the law and then he flat out, breaks the law and gets away with it. It's bullshit. What the hell's going on with this Trump administration that everybody thinks the law is made for everyone else, but not them.
Wait till Trump is done ruining our great country. Only 2 republicans stood up against what Trump did. Every politician would have done the same thing Biden did and they know it if they could. Trump will have to do the same for his crooked son in law.
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Trump's advisor say "50 countries has reached out to negotiate tariffs "horse shit! That's why the stock market with all the inside information traders have is crashing. Here's what's going on Trump's starting to look at protests and record members across the country and he probably doesn't want to end up like Mussolini. Another dictator. Trump's actions are going to sync America. It's already begun. We screwed our friends over and we screwed countries over that. Don't even trade with us. Trump is nothing but a simplistic jackass who understands nothing about economics.
he's a man who has file bankruptcy at least six times on billion dollar corporations leaving people that did business with them holding the bag to eat their losses. He's also a man that's been convicted of felonies 26 times and convicted of sexual deviance. This is the man that the Republicans chose to lead our country. He's also the man who is now screwing them over royal with his complete and utter stupidity.
What more do you need to see, Trump is a 'one man wrecking crew' single handedly destroying this country and all you can do is watch it go down in flames. When the country slides into economic collapse and no means of pulling itself out, what then? I told you so just won't cut it. Legislators are going to have to put a stop to this suicidal behavior or there won't be a country to save any longer, a depression starts this way, and the only thing that will stop it is conflict. How many conflicts will this episode precipitate, I don't even want to hazard a guess. So get off your collective brains and do something, today!
This is a quote from Donald Trump today on the turmoil that he's caused with businesses across this nation and the world 'Only the weak will fail,' Trump says as markets fall,
if that doesn't sound Like a quote from Adolf Hitler, I don't know what does.
Today the stock market dropped an historic 2200 points! If you're a mega Trump supporter and you think I don't even own stocks so that doesn't affect me you've got something coming. Every one of those stocks is from a corporation that you buy something from, be at food clothing cars batteries anything you can think of is traded on the stock market. And all of that is gonna cost you more money does Trump care? No, he's a man whose father gave him almost $500 million when he was three years old so his father didn't have to pay tax on it. Trump never had to suffer or go hungry or wonder where the next dollars is gonna come from in his entire life because of his daddy and today Trump said that this could go on for at least two years! In two years, there will be families middle class families going hungry in this country. Actually that's gonna happen a lot quicker than in two years. All of you mega people voted for this and all of you are gonna suffer along with the rest of us because of what you've done Trump needs to be removed from Office immediately he's obviously showing that he has some type of mental disorder. It doesn't take an Einstein to realize that if you cut hundreds of thousands of jobs, then you raise the prices of everything by 25% so that knocks people out of their jobs and then you have 100s of thousand people that we're looking for jobs that weren't before it's gonna snowball in four years if Trump is still in office he will destroy this nation.
All Trump thinks about is effing TikTok. Meanwhile, he's dragging the entire country down by taxing everybody's food everybody's clothing and everybody's basic needs. This man is a supreme idiot.
Here's what I'm worried about Donald Trump is the worst of two possible combinations. I would be one to be dictator and a complete idiot. He's now demonstrating it to the fullest going after law firms that sued him in the past and totally trashing our economy from this absolute rapid stupidity on how the economy actually works. Does this moron think he's got a handle on how business runs when he's declared bankruptcy seven times From billion dollar companies. And when he did these bankruptcy, he left people with nothing that did work for him. Is that an example of an atrocious businessman who doesn't know what he's doing or I just plain thief who does know what he's doing. Trump must go before he destroys this nation. The Republicans and the House and the Senate need to grow a spine and do something about it.
How ironic a billionairewho in his own words "didn't pay any taxes because he's smart "wants us all to pay 25% more just to live! Republican voters brought this mess to America by electing for the second term a complete idiot. What makes it different this time is there no grown-ups to man the guard rails only talkshow hosts and billionaire buddies. Billionaire buddies that never had to work for anything in their life Because of their wealthy parents, and we are all being fleeced.
The stock market just dropped 1200 points that has to be a record. Last time this idiot Trump was in office. There were some adults at the guard rails now Trump is done away with that and staffed himself up with people that are just as stupid as he is. Either he is really stupid or his goal is to ruin this nation to further Putin's agenda. Personally, I think you have to wonder if Putin doesn't have something on Trump. The Trump really wants to hide and he would risk this whole country for it. There's no other reason rationally I can think of while someone would purposely said about trying to destroy a whole nation.
Paula white, a evangelical trump supporter is offering angels for $1,000 to help people through these troubling times, or there are thousands of bulk pagan stores in Mexico that sell incense, herbs, candles and charms that will also "protect" users from evil spirits like greed, unruly neighbors, bad orders or president trump. Kinda ironic
Once again, Donald Trump is on track to kill hundreds of thousands of Americans just like he did with his total mishandling of Covid. Remember, take animal medication's and shove the lights up yourself. That's Donald Trump's idea of help and now he's cutting the department of health And the department of Social Securityto the bare minimum Which will lead to many deaths across this country. How is this sick animal Donald Trump allowed to get away with this.
I'd like to know why no one's talking about deporting Trump's wife who came here from a Baltic state only to post nude For photographers. How's doing that moving the ball forward for anybody in America is it just because she's married to a billionaire that makes it OK it's more Trump bullshit.
L O L Michael waltz introduced a conspiracy theory to explain how Jeffrey Goldberg was allowed into the top secret group chat! L O L Michael waltz organized the chat through his own phone! So he had Geoffrey Goldberg's phone number in his phone! The real conspiracy theory here and I don't even think it's a conspiracy that Donald Trump is a Russian agent who is trying to destroy this country You see it more and more every day more people losing their jobs price is going through the roof for what end? I mean Trump did marry somebody from the Russian hemisphere, either he is a Russian agent or Vladimir Putin has something on him. That is so bad that if it got out, it would ruin his life so he'll do anything to keep it quiet that's the conspiracy theory.
Trump said, and I quote "I could care less about high car prices "
he may not care about them, but I certainly do because I'm not a billionaire like Trump and President Elon Musk.
If the Republicans that voted for him ever had any inkling of a doubt that he would turn on them, he has. That's what he does. Everyone that counts on him ends up being screwed. It's happened all his life and unless you're one of his family members tou will be screwed over. Either Trump is the biggest idiot that's ever hit the planet or he is really out to dismantle this country and the name of Vladimir Putin.
After this fiasco of a presidency, the Trump has led is over with everybody involved in his cabinet on down, including just dumb. Vance should be deported from the United States and have their citizenship revoked. These people have done nothing to try to destroy America. It's bullshit either they're completely inept and idiots or they're trying to assist Donald Trump and destroying America for Putin.
"Vance scolds Denmark on trip to Greenland"
What a complete ignorant and juvenile disgrace JD (just dumb) Is for America to the world. What does this moron and his paper thin juvenile play expect to gain.
Could it be his goal as let me guess because it's so well cloaked, to sell seeds of the scent in Greenland and make them jump on the bandwagon and become Trumpers. L O LTT Vance has got to be one of the biggest idiots of the century. This administration is an embarrassment disgrace and it's tearing America apart soon you will not be able to afford to buy a car and buying groceries will become ridiculous. Social Security forget it they're ruining it Military benefits. They're already fleeting. Trump is destroying America and his band of mighty idiots.
Putin likes the idea which I would imagine is a Trump idea for the UN to take over the government in Ukraine. Of course he would because Russia has Vito power in Ukraine only a moron wouldn't see that. And only a moron would think of it like Putin or Trump.
"Putin not to Trump plans to seize Greenland "this is all you need to know about Donald Trump and Vladimir Putin. Two villains two Nazis prepared to take over the world.
I just read an economics forecast article on Trump's 25 % taxes on cars and car parts. Because car parts are made in so many different locations around the world, and even if the car Is assembled in America the cost of it will still go up by around $10,000! What a genius Donald Trump is either he's a complete and utter moron or he's trying to destroy this country. You have to wonder is he truly this ignorant I mean, the man is probably never stuck his head under the hood of a car in his life so possibly he is completely stupid because he was born rich and never had to worry about it or he's in the pocket of Vladimir Putin in his goal is to destroy this country and all of Western democracy. Take your pic either the dumbest thing to ever hit the planet or a complete trader to this country he's one of the other.
Another thing that Donald Trump is too stupid to realize with his 25% tax on cars and car parts. The reason American cars have car parts made in foreign countries is because it's much cheaper to do that so the average family can't afford to buy a car and even if you can't, you can pay for it over six or seven years if you have to, but you can still get one. If cars And all of their partswere made in America, the price of them would be astronomical.
only people like Donald Trump and Elon Musk could afford a car. It's just further proof that Donald Trump is either a simpleton or a traitor to this country and the free world and he's trying to drag it down. Could anybody really be as stupid as he seems?