The Debt Of The National Debt

1208 Words Dec 19th, 2015 5 Pages
The National Debt consists of the total debt accrued by local, state and federal. Public debt is essentially the federal debt, thus compiling the staggering number that already exists. The debt deficit to me is astonishing. Currently, the total public debt in the United States, as of December 16, 2015, is $18,788,138,221,346.49. This includes $13,600,726,418,253.26 debt held by the public and $5,187,411,803,093.23 by intergovernmental holdings (usgovermentdebt, 2015). High GPD is not anything new to the United States. The all-time high was 121.70 percent ($18827323.00) in 1946 and a record low of 31.70 ($253400.00) percent in 1974 (United States Government Debt to GDP, 2015). The way we are spending, and the debt we are accruing, it would not be surprising to see this type of percentage again. According to predictions, if we continue to spend and accrue debt the rate we are going right now, by 2038 we will reach an unimaginable and record high GDP (The Debt and the Deficit, n.d.).
Now that we realize how much in debt the United States hers, the question arises, where do we spend all our money? According to the U.S. Treasury, federal spending is divided into three groups: mandatory spending, discretionary spending and interest on debt (Federal Spending: Where Does the Money Go Federal Budget 101, n.d.). Mandatory and discretionary spending is responsible for the majority of federal spending. This is because they pay for all the government services as well as programs that we…

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