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National debt of the United States (view source)
Revision as of 02:19, November 14, 2022
, 02:19, November 14, 2022no edit summary
[[File:2011 spending pie chart.png|thumbnail|350px|Federal spending allocation in 2011]]
[[File:2011 spending pie chart.png|thumbnail|350px|Federal spending allocation in 2011]]
[[File:2018 spending allocations.JPG|thumbnail|350px|Federal spending allocations in 2018]]
[[File:2018 spending allocations.JPG|thumbnail|350px|Federal spending allocations in 2018]]
The '''National Debt''' is the amount of [[money]] the [[United States]] [[Federal government]] owes various creditors due to [[deficit spending]]. As of April 2021, the national debt had reached $28.2 trillion, or, if divided equally among each member of the U.S. population, $333,000 per family of four.<ref name="TreasPenny">United States Department of the Treasury, Bureau of the Fiscal Service (September 2020). [http://www.treasurydirect.gov/NP/BPDLogin?application=np "The debt to the penny and who holds it".] TreasuryDirect. Retrieved April 8, 2014.</ref> <ref> https://usdebtclock.org/</ref>
The '''National Debt''' is the amount of [[money]] the [[United States]] [[Federal government]] owes various creditors due to [[deficit spending]].
The [[National debt of the United States|United States has about $31 trillion in national debt]]. That is about $96,371 per American.
In addition, American taxpayers have been paying into the USA retirement program [[Social Security]] and its medical program for seniors called [[Medicare]] for decades. The Social Security and Medicare programs are now unfunded liabilities. If one combines the United States national debt with the unfunded liabilities of Social Security and Medicare, each American owes more than $500,000.<ref>[https://thehill.com/opinion/finance/585679-you-owe-more-than-500000-and-counting/ You owe more than $500,000 — and counting], The Hill, 12/14/21</ref> Many USA taxpayers will be unable to collect the amount they put in Social Security and Medicare by the time they need it because the programs will be cut back by then. In all likelihood, the Social Security and Medicare programs will become [[Means Test|means tested]]. See: [https://www.youtube.com/watch?v=EPjrFjAxwlw Prof. Antony Davies: 10 Myths About Government Debt]
As of April 2021, the national debt had reached $28.2 trillion, or, if divided equally among each member of the U.S. population, $333,000 per family of four.<ref name="TreasPenny">United States Department of the Treasury, Bureau of the Fiscal Service (September 2020). [http://www.treasurydirect.gov/NP/BPDLogin?application=np "The debt to the penny and who holds it".] TreasuryDirect. Retrieved April 8, 2014.</ref> <ref> https://usdebtclock.org/</ref>
==Debt of the US - Analysis of Bush and Obama presidencies==
==Debt of the US - Analysis of Bush and Obama presidencies==