US National Debt 3-25-25

The US national debt has grown significantly over the years, reaching approximately $36.22 trillion as of March 5, 2025, with debt held by the public at $28.9 trillion and intergovernmental debt at $7.31 trillion.  

Here's a more detailed look at the US national debt:

Key Milestones and Trends:

1990: The US national debt was around $3.2 trillion.

2000: The debt increased to $5.6 trillion.

2010: The debt reached $13.56 trillion.

2017: The debt surpassed $20 trillion in September.

2022: The debt crossed the $30 trillion mark in February.

2023: The debt reached $33.17 trillion in September.

2024: The debt continued to rise, reaching $35.46 trillion.

2025: As of March 5th, 2025, the gross national debt is $36.22 trillion. 

Factors Contributing to Debt Growth:

Budget Deficits:

The national debt is an accumulation of past budget deficits, where government spending exceeds revenues. 

Recessions and Economic Crises: Events like the Great Recession in 2008 and the COVID-19 pandemic led to increased spending and borrowing, contributing to debt growth. 

Long-Term Structural Factors:

Factors like an aging population, rising healthcare costs, and an imbalance between spending and revenues also play a role. 

Interest Rates:

Rising interest rates increase the cost of servicing the debt, further adding to the burden. 

Debt Composition:

Debt Held by the Public: This represents the portion of the debt held by individuals, businesses, and foreign entities.

Intergovernmental Debt: This is the debt held by various government agencies and funds. 

Debt as a Percentage of GDP:

The US national debt has been greater than the annual economic output of the entire country (measured as the gross domestic product or GDP). 

In 2023, the government debt equaled 122.30% of the country's Gross Domestic Product. 

The average GDP for fiscal year 2024 was $28.83 T, which was less than the U.S. debt of $35.46 T. 

Future Projections:

·       The Congressional Budget Office (CBO) projects that federal spending will continue to rise, while revenues are projected to increase slightly, leading to continued deficits. 

·       The US will reach $37 trillion by approximately July 28th, 2025, assuming the average daily rate of growth over the past three years continues. 

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Norb Leahy, Dunwoody GA Tea Party Leader