U.S. Department of the Treasury official reports

U.S. National Debt Surpasses $35 Trillion, $103,827 per Citizen

Jul 29, 2024, 02:21 PM

The U.S. national debt has surpassed $35 trillion for the first time in history, marking a significant economic milestone. This increase represents a rise of over $7.2 trillion since President Biden took office, with the debt now equating to approximately $103,827 per U.S. citizen. Interest payments on this debt have also exceeded national defense spending, with minimum payments now at $1.5 trillion. Economists are divided on whether this level of debt poses a serious threat to economic stability or remains manageable with economic growth. The debt has grown by $3.5 trillion in just over 12 months, averaging $106,422 in new debt every second. This surge in debt has prompted calls from various political figures to curb federal spending and restore fiscal responsibility. The debt increase is partly attributed to Social Security and Medicare. Historically, it took 43 presidents 215 years to add the first $7.2 trillion, while Trump added $7.8 trillion in a single term.