national debt crosses 30 trillion

February 3, 2022

This is a jaw-dropping number that is a real cause for concern.

Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, on America’s national debt topping $30 trillion for the first time in history.
  • MacGuineas continued: “It is the result of both borrowing for really important crises, most notably the Covid pandemic, but also trillions and trillions of borrowing for no reason other than politicians have stopped being willing to pay the bills.”
  • Bottom line: America has spent more than it has to spend.
  • The $30 trillion debt is the equivalent of each citizen owing $90,000.
  • Debt increased more than $7 trillion since before the pandemic (Jan. 2020).
  • More than $23 trillion is owed to creditors.

Why It Matters:It does not make sense as a society to simply spend more than we take in on a permanent and growing basis. What that essentially does is place the burden onto our future and onto the next generation. It’s immoral for us to continue on this path with such disregard for our kids.” Michael A. Peterson, chief executive officer, Peter G. Peterson Foundation, a nonpartisan organization focused on fiscal issues confronting America.

A good read here – ‘Sound the alarm’: National debt hits $30 trillion as economists warn of impact for Americans

U.S. National Debt Exceeds $30 Trillion for First Time

by Jenna Lee,