What is the current US national debt?
The U.S. national debt is over 28 TRILLION dollars. That's trillions — with a "T". As in 28,174 billion dollars. It's terrifying. It's way more than the combined cost of World War II, the Korean War, the Vietnam War, and NASA's entire space program since it started.
How did the US national debt get so high?
Major events, like wars and pandemics, can increase the national debt. During national threats, the U.S. increases military spending. For example, the U.S. debt grew after the September 11, 2001, attacks as the country increased military spending to launch the War on Terror.
What are the consequences of a high national debt?
A few of the harmful effects of a high national debt are: Higher Taxes: If a country is struggling to get its debt under control, one option may be to raise taxes. The extra tax money would be used to pay off some of the debt.
How much was the national debt at the beginning of fiscal year 2022?
The national debt was at $28.4 trillion when fiscal year 2022 began on Oct. 1, 2021. On Feb. 14, 2022, the debt hit $30 trillion for the first time. 2 Budget deficits add to the national debt; if that debt grows faster than gross domestic product (GDP), the debt-to-GDP ratio may get too large.