Who Holds the Recklessly Ballooning US National Debt of $34.7 Trillion?
What is the current total of US national debt?
The current total of US national debt is over $34 trillion, a record high that has raised concerns about its potential impact on the economy, government spending, and the financial well-being of American citizens. This debt has been accumulated over many years and is the result of annual budget deficits, which occur when the government spends more money than it takes in through taxes and other revenue sources.
How much has the US national debt increased since January 2020?
The U.S. national debt has increased by approximately $11.4 trillion since January 2020, reaching a total of $34.7 trillion. This rapid increase is attributed to factors such as the COVID-19 pandemic, government spending, and economic growth.
Who are the primary holders of the $34.7 trillion in US debt?
The primary holders of the $34.7 trillion in US debt are US government funds ($7.1 trillion) and foreign holders ($8.0 trillion), with the remainder held by US mutual funds, the Federal Reserve, US individuals, banks, state and local governments, pension funds, insurance companies, and other entities.