The United States Is Adding to the National Debt Faster Than Ever
The United States just marked another unfortunate milestone: surpassing $38 trillion in national debt. This level of debt is more than the economic output of China and the entire Eurozone, combined. As a percentage of GDP, our debt levels are close to the level of debt after World War II.
Worse still, U.S. debt is accelerating relative to history; put another way, we are adding debt faster than ever.
In the 2020s, the U.S. added debt at a rate of $1 trillion every 5 months, more than twice the rate that has prevailed over the past 25 years. Yet, in the face of a growing economy, U.S. deficits remain substantially elevated and are projected to continue growing at a historic rate.
Looking at recent history, by decade, the U.S. added $1 trillion to the Debt:
- Every 24 months in the 2000s, on average
- Every 11 months in the 2010s, on average
- Every 5 months in the 2020s, on average
The nation's debt is growing at a historic rate and eclipsing all-time highs. Looking ahead, it is critically important for the nation’s leaders to prioritize fiscally responsible policies that put the country on a more sustainable path.
Photo by Jemal Countess/Getty Images for Economic Security Project
Further Reading
What Is the National Debt Costing Us?
Programs that millions of Americans depend on and care about may be feeling a squeeze from interest costs on our high and rising national debt.
Interest Costs on the National Debt Are Reaching All-Time Highs
The most recent CBO projections confirm once again that America’s fiscal outlook is on an unsustainable path — increasingly driven by higher interest costs.
New Report: National Debt Outlook Gets Worse as Interest Costs Exceed $1 Trillion Annually
A new CBO report shows that the national debt outlook worsened from last year’s projections.