National debt closes in on $35 trillion

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U.S. Debt Clock on June 10, 2024.

The federal government has spent $855 billion more than it has collected in fiscal year 2024, which began Oct. 1, resulting in a national deficit. The government has collected $2.96 trillion in revenue, according to the U.S. Department of Treasury.

In fiscal year 2023, the federal government collected $4.44 trillion in revenue, with primary source of revenue being individual income taxes.

In 2023 the federal government spent $6.13 trillion in government programs, with the majority spent on Social Security.

In this fiscal year, however, the majority of expenditures is on Medicaid/Medicare (socialized medicine), at over $1.7 trillion; Social Security at over $1.4 trillion; Defense at $900 billion; and interest on national debt at over $865 billion a year.

As far as what the U.S. government owes its lenders, it’s now more than $34.8 trillion. Four months ago, it was $34.2 trillion.

View the U.S. Debt Clock at this link.

The national debt obligation for each citizen — taxpaying and non-taxpaying alike — is now over $78,000 per citizen. Debt-to-GDP ratio, a measurement of fiscal soundness, exceeds 121%. Back in 1960, the debt-to-GDP ratio was less than 53%.

The debt-to-GDP ratio indicates the country’s ability to pay back its debts.

“A country with a high debt-to-GDP ratio typically has trouble paying off external debts (also called public debts), which are any balances owed to outside lenders. In such scenarios, creditors are apt to seek higher interest rates when lending,” Investopedia explains. “A study by the World Bank found that countries whose debt-to-GDP ratios exceed 77% for prolonged periods experience significant slowdowns in economic growth.” Every percentage point of debt above 77% costs countries 0.017 percentage points in economic growth.

The U.S. debt-to-GDP for Q4 2023 was almost double 2008 levels, the investor information website says.

The U.S. government finances deficit spending by issuing U.S. Treasuries, which are historically considered to be the safest bonds with the least amount of risk in the world.

The 10 largest holders of U.S. Treasuries (as of March 2024) are:

  1. Japan: $1.2 trillion
  2. China, Mainland: $767.4 billion
  3. United Kingdom: $728.1 billion
  4. Luxembourg: $399.3 billion
  5. Canada: $359.1 billion
  6. Ireland: $317.8 billion
  7. Belgium: $317.1 billion
  8. Cayman Islands: $302.9 billion
  9. France $283.1 billion
  10. Switzerland $262.9 billion

27 COMMENTS

  1. “Debt-to-GDP ratio, a measurement of fiscal soundness, exceeds 121%”, which includes 50% of the GDP column counting government spending as though it were actual products.
    Might be a good idea to disentangle from operating an overseas empire and bring our military home and end subsidizing “allies”, funding wars and funding NGOs to destabilize other countries. China is going to dump their notes and the EU is being actively managed to destroy their manufacturing capability and will end in a depression. EU countries will not be able to afford these paper IOUs.

  2. Thank you DJT and the “Tax Cuts and Jobs Act” a lot of breaks for the wealthy and few jobs. Similar to the “Patriot Act” in that it had a great title but screwed the American Citizen

    • TDS again. It is amazing that once I learned to listen to the lefty talk, it is getting easier to spot the narrative being created and the narrative is usually directed at Trump or at the people who believe that Trump is the one to build this nation back up. Looking forward to when we can finally thank the correct Resident for bringing this great nation down onto its knees.

    • Oh, and I am sure that the (so-called) affordable care act, the “stimulus” (ARRA), and the omnibus spending bill that Obama signed into law (which all added trillions to the debt) had nothing to do with it?
      .
      NEWS FLASH! The world did not start on Jan 21, 2017. Deal with it.

  3. Fed’Guvment keeps mandating those C19 Jabs, letting those harmful effects to take hold, and I bet the Social Security and Medicare budgets start to re-align back into the black. Allowing more Taxpayer Dollars to be allocated for … lavish congressional entitlements, illegal aliens, rampant homelessness, CRT & Child Brainwashing – Indoctrination, More Bloated // Inefficient // Ineffective Bureaucracies, Sinification of America, and special grants to the State-Media Regime.

  4. Let’s go for it and print spend and then pillage the money.
    Let’s go broke then all the government handouts will stop.
    Maybe we can get rid of some politicians also.

  5. Thee one and ‘only’ one solution will be to eliminate wasteful government.
    Completely eliminating entire Departments and Agencies.
    Reducing the largess of unelected – unaccountable Bureaucracy!
    Tuff decisions to be made but, I think Trump Can & Will … “Git-R-Done!”

    • Nope.
      The real solution is to outlaw companies from withholding taxes from your paycheck. Force everyone to write a check to the IRS every month, or quarter.
      If people actually had to write a check, they would start taking a keen interest in what Congress is doing with their tax dollars. And, something might actually change.

  6. According to numbers easily found on the internet, $35T/342Mpop = $102,000 of debt per every American man, woman and child. I don’t understand why the article says $78K per citizen. In any case, we are heading for a devastating collapse. Be sure to stock dried food supplies.

    • Yeah… because bonds are… oh, wait. They are a debt the US Government promises to pay.
      .
      Seriously, a large percentage of the “debt” IS bonds.

  7. Get out of the dollar. You should have been doing this for years. Those that refuse to do so have no right to complain. I have been warning people about this for years.

    • BRICS is moving forward rapidly. With the Saudis on board the petro dollar scam is over. Our number 1 export is inflation, people all over the world pay for our relatively cushy living standards which will soon end.

  8. Those bonds don’t add up to 34 trillion ( even with additional 10%), makes one wonder who has enough money to loan the rest to us, and where exactly do those interest payments go? We can’t audit the fed so we are left to wonder. Perhaps we could do like Germany and abolish interest aka usury against our own population? Jubilee anyone ? Solon the Greek was a smart man. At least Brooks Adams should be mandatory reading .

  9. This society will collapse under the weight of this debt.

    It has the potential of making the Soviet collapse seem inconvenient to its citizens.

  10. Don’t worry. There is a plan. Government/banks will simply put an end to cash. Central Bank Digital Currencies will be introduced. Government/banks will at that point just reset debt to zero, and will from then on have complete control over all transactions. It’ll be great…….

  11. No more debt, but no more savings. No freedom either. You get a certain amount to spend each month, which is contingent on your politically correct speech. Private Property ? I don’t think so. The State will own you. Central Bank Digital Currencies are being outlawed by Congress. They are not the answer to anything human.

  12. C’mon, it’s called Keynesian economics, (not to be confused with Kenyon economics, though very similar).
    Just round up.

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