84% of voters say they want the President and Congress to spend more time addressing the debt. National Debt Facts


America's growing debt has reached alarming levels, with each American owing approximately $94,188, and the national debt totaling a staggering $31,464,413,462,589.

These numbers highlight a pressing issue that requires urgent attention.

The accumulation of debt results from a fundamental problem - a mismatch between government spending and revenues. The government must borrow money to cover the deficit when expenditures exceed income. Year after year, these deficits contribute to the ever-increasing national debt.

In the past, major wars or economic crises like the Great Depression were responsible for significant deficits. However, the current deficits are primarily driven by predictable structural factors. The aging baby-boom generation, rising healthcare costs, and an inadequate tax system that fails to generate sufficient revenue to fulfill the government's promises to its citizens all play a role.

The recent coronavirus crisis has exacerbated an already unsustainable fiscal trajectory.

The devastating impact on the economy and the necessary legislative response have further strained the nation's finances. Once the pandemic subsides, it will be crucial for America's leaders to address the mounting debt and the underlying structural issues driving it.

One critical aspect to consider is the inadequacy of the tax system. The current tax code does not generate enough revenue to cover the spending commitments made by policymakers. This growing imbalance between revenues and spending leads to ever-increasing annual deficits, ultimately contributing to the national debt ballooning.

As the debt continues to grow, so does the burden of interest payments.

Like a mortgage or car loan, the interest we pay on borrowed money accumulates over time. With the mounting debt, the interest costs incurred by the federal government rise and compound, placing a significant burden on our future economy.

The American public is increasingly concerned about the national debt.

" 66% of respondents expect the problem to worsen in the coming years. "

A survey reveals that 82% of voters express heightened concern about the issue, and 84% believe that the President and Congress should allocate more time to address it. Additionally, 67% of respondents feel that the country is heading in the wrong direction regarding handling the debt.

The national debt is a critical issue that demands attention. Most Americans believe it should be among the top priorities for the President and Congress. 66% of respondents expect the problem to worsen in the coming years.

Addressing the national debt requires comprehensive and responsible fiscal policies. It involves increasing revenues through tax reforms ensuring adequate funding, and addressing the structural factors contributing to the growing deficit. Failure to take action risks undermining economic stability and burdening future generations with the consequences of our fiscal irresponsibility.

The time has come for leaders to prioritize the national debt and work towards sustainable solutions that will secure the nation's financial future.

Read the full Survey here and stats:

What are your thoughts on this? What is going to happen in the upcoming months?

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