What the numbers say: According to the U.S. Department of the Treasury, as of September 2022, the U.S. national debt, also known as public debt, has reached a staggering $30.93T, indicating a persistent upward trend. The national debt per capita also surged to $85,552 in 2021, further underscoring the growing burden of public debt on the American populace.
Relevance: National or governmental debt is the amount a country's central government owes to its creditors. In the U.S., the federal government owes this debt to Treasury security holders. During the COVID-19 pandemic, the U.S. government significantly increased its spending, contributing to the national debt's growth. The Committee for a Responsible Federal Budget estimates that President Biden's policies have added nearly $5T to deficits since he took office.
Where to see the impact: According to IMF projections, 60% of countries are expected to witness a decrease in their public debt-to-GDP ratios by 2028, following a surge caused by the COVID-19 pandemic. However, several major economies, such as Brazil, China, and the U.S., are experiencing a significant rise in their debt-to-GDP ratios.