The U.S. national debt hit a new $35 trillion landmark, just halfway into 2024.
Since January, the U.S. debt pile has expanded by $1 trillion alone, moving the debt-to-GDP ratio to 98%. By 2032, the International Monetary Fund projects that this ratio could surpass 140% under current policies. Despite the looming threat to U.S. fiscal sustainability, neither Republican or Democratic parties show political incentive to address the rapid pace of borrowing.
This graphic shows the ballooning U.S. national debt, based on figures from the U.S. Department of the Treasury’s Fiscal Data website.

A New Milestone is Reached

Today, the U.S. national debt is equal to the GDP of China, Japan, Germany, India, and the United Kingdom combined.
Since 2020, the U.S. has added $11.8 trillion to its national debt, accounting for more than one-third of the current total. For perspective, government debt stood at $9.2 trillion in 2008 and in 1981, it crossed the $1 trillion mark for the first time.
65 sats \ 0 replies \ @TomK 5 Aug
It's really impressive. The economy really has to be strong like an ancient greek Hercules to shoulder that much debt...
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Can someone explain to me how one of the largest economies in the world and a world power has such debt?
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33 sats \ 0 replies \ @ken 5 Aug
You take in less taxes than you spend. Thus, you are forced to borrow to make the system work.
Taxes are unpopular and so are spending cuts. So, when the debt comes due, we borrow more.
The whole system relies on dollar and bond holders to accept a loss in buying power over time. I don't think this can continue forever.
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That is a lot of red. Like atlas holding up the world...
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