Understanding the U.S. Federal Debt: Who Is Responsible and What It Means for You
The U.S. federal debt has reached a staggering amount, currently standing at nearly 31 trillion dollars. This figure is so vast it can be difficult to comprehend. But fear not, we will break down how much each person owes and discuss the implications for both current and future generations.
Your Share of the National Debt in 2021
As of September 25, 2022, the total national debt is approximately 3,091 billion dollars. If this is evenly distributed, every man, woman, and child in the country owes around $85,552. This is based on a population of approximately 330 million people. The per-citizen debt is calculated as 245,191 dollars, which is significantly larger than the per-taxpayer figure, indicating a wide disparity in tax contributions.
As of the 2021 fiscal year, the national debt per citizen was even higher, at nearly $94,000 per person. This figure includes both the current population and a future generation that must eventually foot this bill. While some argue that this debt is unfairly distributed, it is undeniable that each person bears a significant financial burden due to the continuous deficits incurred by the government.
The Current State and Future Implications
The U.S. Government is currently spending about $80,000 per second, while only taking in approximately $40,000 to $50,000 per second. This deficit is leading to incredible inflation, with the highest levels in the last forty years. The national debt clock is a testament to this ongoing crisis, and it is constantly ticking upwards.
Going forward, the responsibility for this debt falls on the current generation as well as future generations. While the debt itself may never be fully paid, the costs are being felt every day through higher inflation, reduced services, and increased taxes. As the population continues to grow, so does the burden each individual bears.
The 2021 Deficit
The 2021 fiscal year saw a deficit of $2.77 trillion, an improvement over the $3.13 trillion deficit in the 2020 fiscal year. However, this improvement is marginal and does not address the underlying issue of continued government spending that outpaces income.
The federal government's spending is driven by various factors, including defense, healthcare, social security, and other entitlement programs. Reducing this deficit will require significant changes in government spending and, in some cases, a reduction in these programs. It is a complex issue that requires careful consideration and dialogue among policymakers and the public.
Conclusion
The U.S. federal debt is a critical issue that affects every individual in the country, and it is clear that each person has a significant responsibility in reducing this debt. While the debt cannot be paid off in a single year, a concerted effort from the current generation can positively impact the situation. By understanding the current state of the debt, we can work towards creating a more stable and prosperous future for all generations to come.