The statistic shows the national debt of the United States from 2019 to 2022, with projections up until 2029. The amount of the debt of the United States amounted to around 30.9 trillion U.S. dollars in 2022.
National debt of the United States
National debt in the United States is a topic of much debate and controversy, primarily due to large amounts of unnecessary spending. Despite the fact that the United States had the highest gross domestic product (GDP) in the world in 2016, along with being one of the most developed powerhouses in the world, the country suffers in many economical aspects.
When analyzing the country’s imports and exports, the United States has recorded a trade deficit for more than a decade as of 2015, meaning that its imports exceeded its exports every year. However, despite being significantly affected by the world economic crisis in 2008, the country’s trade balance noticeably improved in 2009, almost halving the country’s total trade deficit. An economical aspect that did not improve during the world economic crisis was the country’s unemployment rate. The number of unemployed in the United States increased greatly in 2009 and continued to rise in 2010, however finally stabilized in the following years and has since declined yearly. When considering the total population of the United States, which amounted to roughly 322 million in 2015, a large percentage of citizens, who are capable of work, have been left without a job for roughly 7 years.
FAQs
The United States is facing a critical economic issue: its national debt is growing faster than its income, with no clear plan for repayment– and this could have serious repercussions for the global economy. In fact, the U.S. deficit looks like it will be more than 7% of GDP this year ($1.9 trn).
What will happen with all the U.S. debt? ›
In 2023, for example, the nation's total publicly held debt amounted to 97% of the full value of the economy as measured by GDP. By 2054, the debt-to-GDP ratio will reach 172% (meaning debt will be close to double the nation's economy), according to most recent projections from the Congressional Budget Office.
How much money does the US owe China? ›
China is one of the United States's largest creditors, owning about $859.4 billion in U.S. debt. It doesn't own the most U.S. debt of any foreign country, however. Nations borrowing from each other may be as old as the concept of money.
Is the US federal debt forecast to reach an all time high in 2029? ›
The Federal Budget
Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter.
Can the US get out of debt? ›
Eliminating the U.S. government's debt is a Herculean task that could take decades. In addition to obvious steps, such as hiking taxes and slashing spending, the government could take a number of other approaches, some of them unorthodox and even controversial.
Who is the US most in debt to? ›
Investors in Japan and China hold significant shares of U.S. public debt. Together, as of December 2023, they accounted for nearly $2 trillion, or about 7 percent of DHBP. While China's holdings of U.S. debt have declined over the past decade, Japan's purchases of U.S. Treasury securities remain comparable.
What country is in the most debt? ›
In terms of raw dollars, the country with the highest debt in the world is unquestionably the United States, whose national debt is more than twice that of any other country.
Should we be worried about the national debt? ›
High debt levels and wide deficits could crowd out more productive spending. The CBO projects that by the mid 2030s, all federal revenues will be required to fund mandatory government spending alone: Largely Medicare, Medicaid, Social Security and interest on debt.
Why is the US so heavily in debt? ›
One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.
Who owns most of the U.S. debt? ›
Many people believe that much of the U.S. national debt is owed to foreign countries like China and Japan, but the truth is that most of it is owed to Social Security and pension funds right here in the U.S. This means that U.S. citizens own most of the national debt.
The federal government needs to borrow money to pay its bills when its ongoing spending activities and investments cannot be funded by federal revenues alone. Decreases in federal revenue are largely due to either a decrease in tax rates or individuals or corporations making less money.
What is the U.S. debt in 2028? ›
Debt held by the public is expected (Congressional Budget Office Outlook) to rise from 78% of GDP ($16 trillion) at the end of 2018 to 96% GDP ($29 trillion) by 2028. That would be the highest level since the end of World War II.
When was U.S. debt $1 trillion? ›
On October 23, 1981, America's national debt crossed the $1 trillion mark. It was an unprecedented, staggering, and earth-shattering figure.
When did national debt hit $1 billion? ›
The American Civil War resulted in dramatic debt growth. The debt was just $65 million in 1860, but passed $1 billion in 1863 and had reached $2.7 billion following the war.
