Debt

Owning debt

Japan, Greece, Italy, Portugal, and the US are the top five countries with the highest level of government debt.

China owns 981 billion dollars in U.S debt. That means we owe China nearly a trillion dollars. 23, 2022

The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies.

The $31 trillion (and growing) gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts. Learn more about different ways to measure our national debt. Over the past 100 years, the U.S. federal debt has increased from $410 B in 1922 to $30.93 T in 2022.

Total outstanding public and private debt across all sectors in the United States

Outstanding debt in trillion U.S. dollars 88,236.67 

Truth in debt

U.S. Published National Debt consists of: 1. debt held by the public 2. intragovernmental holdings, including debt held by Social Security and Medicare trust funds

The true national debt calculation is estimated using data provided by the U.S. Treasury Department and the Social Security and Medicare trustees. January 1, are issued.

What the Federal Government Owes

Medicare usd $55.12 trillion

Social Security $41.20 trillion

Publicly held debt $21.08 trillion

Pension & retiree health care liabilities $9.41 trillion

Other liabilities -$2.25 trillion

Total bills ?Assets - Bills* = -$123.11 trillion

The Truth = $147,285,745,465,000

Each Taxpayer's Share: $936,000

https://www.truthinaccounting.org/about/our_national_debt

Default

In modern history, the U.S. has never defaulted on its debt. The debt ceiling is the self-imposed limit on how much debt Congress allows the federal government to have. If Congress does not raise or suspend the debt ceiling, the U.S. could default on its debt, which would also impact financial markets and the economy.

Some say these rising rates is a major factor that will cause interest payments on the debt to explode higher in the next few years.Oct 6, 2022

There is also state and local debts: Highest is California 519.54, New York 368.28, Texas 324.21, Illinois 159.31, Florida 130.74, Pennsylvania 128.44, Massachusetts 98.34, rounded out the top five states with the most debt outstanding in 2020. Others Missouri 47.76, Arizona 43.52, Oregon 41.88, South Carolina 37.69. More fiscally responsible states include: South Dakota 6.57, Idaho 6.09, Montana 5.8, Vermont 4.74, Wyoming 2.14

Individual private debt

According to financial experts, the percentage of Americans in debt is around 80%. 8 in 10 Americans have some form of consumer debt, and the average debt in America is $38,000 not including mortgage debt.

United States Total Debt accounted for 779.9 % of the country's GDP in 2022, compared with the ratio of 798.3 % in the previous quarter.

debt ceiling

The debt ceiling is a legislative mechanism to limit the amount of national debt that can be issued by the Treasury. In effect, it restrains the Treasury from paying for expenditures after the limit has been reached, even if the expenditures have already been approved (in the budget) and have been appropriated. If this situation were to occur, it is unclear whether Treasury would be able to prioritize payments on debt to avoid a default on its debt obligations, but it would have to default on some of its non-debt obligations.

Holding

The public holds over $24.29 trillion of the national debt. 1 Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and holders of savings bonds.Oct 4, 2022

= Eliminating debt

Eliminating the U.S. government's debt is a Herculean task that could take decades. In addition to obvious steps, such as simply hiking taxes and slashing spending, the government could take a number of other approaches, some of them unorthodox and even controversial.

Raising taxes and cutting spending are two of the most popular solutions for reducing debt, but politicians may be hesitant to do both.

Debt clock

The Debt clocks of the world

In economics, the debt-to-GDP ratio is the ratio between a country's government debt and its gross domestic product. A low debt-to-GDP ratio indicates an economy that produces and sells goods and services sufficient to pay back debts without incurring further debt. A high ratio means a country isn't producing enough to pay off its debt. A low ratio means there is plenty of economic output to make the payments. If a country were a household, GDP is like its income.

Japan, with its population of 127,185,332, has the highest national debt in the world at 235.96% of its GDP (although, notably, Japan is also one of the world's largest economies).

The national debt is the total debt, or unpaid borrowed funds, carried by a Government of a country, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other government agencies.

The public debt is how much a country owes to lenders outside of itself. These can include individuals, businesses, and even other governments. The term "public debt" is often used interchangeably with the term sovereign debt. Public debt usually only refers to national debt.

'External debt as a percentage of Gross Domestic Product (GDP) is the ratio between the debt a country owes to non-resident creditors and its nominal GDP. ... External debt is also referred to as foreign debt.

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