The U.S. national debt total just hit a record $24 trillion and nears $25 trillion. To put this in perspective, U.S. annual gross domestic product (GDP) is estimated to be around $21.4 trillion. This seemingly insurmountable total equates to around $75,000 owed per citizen, or around $200,000 owed per taxpayer.
This news comes as trillions of dollars are expected to be spent in additional stimulus bills. The federal government is yet to have a budget surplus since the year 2001. Since then, the issue of the national debt has been seemingly ignored by officials. The issue only seems to come up when the arbitrary “debt ceiling” needs to be raised. If the issue of the national debt is not addressed, estimates suggest that by the year 2024, it will reach an astounding $40 trillion. For comparative purposes, U.S. GDP is expected to hover around $25 trillion in 2024. If this level of debt growth is to continue, the U.S. will face a debt disaster in the future that it is unprepared for. It is time for the issue of the national debt to be addressed.