The gross federal debt of the United States has surpassed $39,000,000,000,000. Although the debt affects each of us, it may be difficult to put such a large number into perspective and fully understand its implications. The infographic below offers different ways of looking at the debt and its relationship to the economy, the budget, and American families.
America’s high and rising debt matters because it threatens our economic future. The COVID-19 pandemic rapidly accelerated our fiscal challenges, but we were already on an unsustainable path, with structural drivers that existed long before the pandemic. Putting our nation on a better fiscal path will help ensure a stronger and more resilient economy for the future.
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Further Reading
The U.S. Dollar Is the World’s Reserve Currency. Why Does That Matter?
The country’s unsustainable fiscal outlook threatens to diminish the dollar’s standing, which would have damaging fiscal and economic consequences for the United States.
Delaying Fiscal Reform is Costly, Annual Treasury Report Warns
The Treasury projects that debt as a percentage of GDP will grow to more than five times the size of the U.S. economy in the next 75 years.
Debt vs. Deficits: What’s the Difference?
The words debt and deficit come up frequently in debates about policy decisions. The two concepts are similar, but are often confused.