The US national debt is currently at an astounding $34 trillion and growing. In just a few months, an additional $3 trillion has been added to the already overwhelming burden. According to data from the Congressional Budget Office, it is projected that the US government debt could exceed $50 trillion by the year 2033.
The United States finances its budget deficit by selling government securities, such as Treasury bills, notes, and bonds, to generate short-term revenue. However, the interest on this debt must be repaid to creditors who buy these securities, which places an increasing burden on the government.
This growing debt not only creates a financial strain on the government but also diverts funds away from other important programs. While the government aims to prevent a default on its debt, this approach simply postpones the issue and adds to the escalating financial obligations that future generations will struggle to repay.
According to the 2022 Government Accountability Office data, the rising government debt resulting from US fiscal policy over the past few decades is deemed unsustainable in the long term. The national debt has already grown by $25.73 trillion since 1993, with significant increases occurring under Presidents Donald Trump and Barack Obama.
- Under President Bill Clinton, the national debt increased by 35.5% from about $4.23 trillion to $5.73 trillion.
- Under President George W. Bush, the national debt rose by 85.5% from $5.73 trillion to $10.63 trillion.
- Under President Barack Obama, the national debt skyrocketed by 87.8% from $10.63 trillion to $19.96 trillion.
- Under President Donald Trump, the national debt grew by 39.1% from $19.96 trillion to $27.77 trillion.