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National debt of the United States (view source)
Revision as of 18:01, November 13, 2023
, 18:01, November 13, 2023no edit summary
The '''National Debt''' is the amount of [[money]] the [[United States]] [[Federal government]] owes various creditors due to [[deficit spending]].
The '''National Debt''' is the amount of [[money]] the [[United States]] [[Federal government]] owes various creditors due to [[deficit spending]].
As of December 2021, the National debt of the United States is about $31 trillion in national debt]]. In December of 2021, that was about $96,371 per American.<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>
As far as the national debt of the United States, according to noted business school Wharton School of the University of Pennsylvania, "As of September 30, 2023, the federal “debt held by the public” (herein, “debt”) stood at $26.3 trillion, or about 98 percent of projected [[GDP]]."<ref>[https://budgetmodel.wharton.upenn.edu/issues/2023/10/6/when-does-federal-debt-reach-unsustainable-levels#:~:text=As%20of%20September%2030%2C%202023,98%20percent%20of%20projected%20GDP. WHEN DOES FEDERAL DEBT REACH UNSUSTAINABLE LEVELS?], Penn Wharton School of Business at the University of Pennsylvania]</ref>
As of December 2021, the National debt of the United States was about $31 trillion in national debt. In December of 2021, that was about $96,371 per American.<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>
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]
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]