More On: National Debt
40 Years of Trillion-Dollar Debt: It took nearly two centuries for America to accumulate $1 trillion in public debt, but just 40 years to increase that amount 28 times over...
The total amount owed by the United States to the federal government has topped $30 trillion. It's tough to grasp the magnitude of the problem even though we're all affected, but that's part of the problem. The following infographic gives a variety of viewpoints on how Americans' debt affects the economy, their personal finances, and the quality of life in the United States.
Debt owned by the public and by federal trust funds and other government accounts makes up the $30 trillion total federal debt. Debt that the government owes to others and debt that it owes to itself may be summarized in this way:
The mounting debt of the United States is a serious concern since it jeopardizes our economic well-being. Although the coronavirus epidemic has exacerbated our financial difficulties, we have been on an unsustainable road for some time. To assure a more robust and resilient economy in the future, putting the United States on a healthier budgetary path is essential.