Sources tell CNBC that the U.S. government is continuing its relentless accumulation of debt, hitting American citizens’ wallets hard.
On August 12th, the U.S. national debt surpassed a staggering $37 trillion for the first time. This figure represents roughly 1.27 times the projected U.S. nominal GDP for 2024, a debt-to-GDP ratio that is raising eyebrows among economists. The relentless pace of borrowing has sparked renewed concern about the nation’s long-term fiscal health.
With a total population estimated at 342 million as of July 2025, this debt burden translates to an “average” liability of over $108,000 per American. While this is a simplified calculation, it highlights the enormity of the debt burden facing U.S. taxpayers.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, stated that the U.S. fiscal situation is deeply unbalanced, and Congress continues to exacerbate the problem. This sentiment echoes concerns from across the political spectrum regarding the sustainability of current spending levels.
The acceleration of debt accumulation is particularly alarming. It took approximately seven months (January-July 2024) for the national debt to climb from $34 trillion to $35 trillion. This was followed by an even faster ascent to $36 trillion in just over three months (July-November 2024). The jump from $36 trillion to $37 trillion took less than nine months. If this trajectory continues, analysts project the national debt could reach $37.8 trillion by the end of 2025 and potentially surpass $50 trillion by 2030. Market watchers will be closely monitoring upcoming economic data and fiscal policy decisions, which are expected to play a major role in the debt’s future trajectory.
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