The U.S. national debt has reached a historic milestone, surpassing $35 trillion for the first time. Treasury Department data indicates that this staggering figure translates to over $104,000 per person and $266,000 per household. This highlights the growing fiscal challenges facing the world’s largest economy.
Current U.S. Debt Figures
wolfstreet.com
As of July 2024, the total public debt outstanding reached $35,001,278,179,208.67, marking a significant increase of $2.35 trillion over the past 12 months. This rapid growth averages about $6.4 billion per day, with the debt rising by $7.3 trillion since January 2021. To put this in perspective, the national debt was approximately $907 billion just four decades ago. The current debt level equates to:
The debt-to-GDP ratio is projected to reach 99% this year, with forecasts indicating it will surpass 106% by 2027, breaking a nearly 80-year-old record set in 1946.
The cost of servicing the national debt has become one of the fastest-growing components of the federal budget, with interest payments projected to reach $868 billion in fiscal year 2024, accounting for 17% of total federal spending. This rising interest expense poses a significant threat to U.S. financial stability and the status of the dollar as a global reserve currency.
- the Obituary of Marian Rae Hamilton
- Trump, Local Republicans Prevail as Siskiyou Voters Decide Multiple Races and Measures
- It’s an UnHoly Smoke – Prescribed & Cultural Burning – Now Insured by Oregon Taxpayers?
- Complete Weekly Siskiyou County Booking Report
- the Obituary of Hubert Houston “Butch” Meador