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Facts
Our current debt is very bad - but the future is much, much worse:
Today, America's national debt is $29.482 trillion dollars. That is the highest it has ever been. But due to inflation, it is important to balance the total debt against America's GDP to keep these numbers in perspective. Thus, with a GDP of $23 trillion dollars, our national debt is well over 100% of our GDP. Not counting 2018, this has not happened since World War II.
Our current outlays for interest are $345 billion. That amounts to 1.6% of our total GDP and 5.3% of our total spending. The CBO's latest assessment (see chart above) estimates these numbers to increase significantly... approaching 200% of GDP withing 30 years.
If we wished to pay of the national debt today, this would amount to $114,138 for every US adult. If we only consider Americans who pay taxes, it would amount to $204,310/US Taxpayer. Just the interest payments on our debt would amount to $2,391/US taxpayer per year.
By the time you finish reading this sentence, our national debt has increased tens of thousands of dollars more.
Learn More
The Congressional Budget Office (CBO), which produces non-partisan, impartial analysis of economic and budgetary issues to support the Congressional budget process, recently released its long-term budget outlook. You can read more about its findings and projections by clicking the link below.
Why the National Debt Matters
Without major policy change, the national debt could reach 195% of GDP by 2050
- Increasing National Debt forces the government to spend more of its budget on interest costs
- Higher interest costs will result in reduced private investment and fewer economic opportunities for Americans
- Higher interest costs will also result in higher payments to foreign holders of US debt and reduced US national income
- No matter your economic position, you, and especially your children, will be affected.