As of November 14, 2024, the United States’ national debt has escalated to $35,965,533,024,604.05, marking an increase of approximately $15.2 billion from the previous day, according to the latest figures from the Treasury Department.
This surge underscores a significant rise from four decades ago when the national debt stood at about $907 billion. Economists are expressing heightened concern over the rapid accumulation of debt, attributing it to persistent high levels of government spending.
Notably, interest payments on the national debt have now surpassed expenditures on Medicare and the defense budget, highlighting the growing financial burden. The Congressional Budget Office (CBO) projects that, without substantial policy changes, the national debt could reach $54 trillion within the next decade. This anticipated increase is driven by factors such as an aging population and escalating federal healthcare costs.
The combination of large deficits and rising interest rates is making the federal debt less sustainable, potentially jeopardizing America’s economic standing globally. Michael Peterson, CEO of the Peter G. Peterson Foundation, emphasized the gravity of the situation, stating, “America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation.”
In response to these developments, Fitch Ratings issued a downgrade of the nation’s credit rating earlier this year, citing concerns over the country’s fiscal trajectory.
The escalating national debt continues to be a focal point of debate among policymakers and economists, with discussions centered on strategies to curb spending and implement fiscal reforms to ensure long-term economic stability.
