The National Debt Of The United States

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The national debt of the United States is the amount of money owed by the United States federal government to creditors. Such creditors include businesses, other governments, organizations, or individuals that own U.S. debt securities (Investopedia). It is the sum of all past federal deficits, minus any surpluses.
The current U.S. debt is at roughly $18 trillion dollars and counting (TreasuryDirect); see Figure 1 below for debt increase over time since 1939, where the gray columns indicate periods of recession. The graph shows an exponential growth of the U.S. debt over time. Figure 1. Gross Federal Debt in Dollars since 1939 (FRED)
This debt increases significantly at a highly rapid rate on a daily basis; the national debt currently increases at a rate of approximately $2.41 billion dollars per day with each citizen of the Unites States holding a share of about $56,000 (Hall, 2014). The national debt consists of federal, state, and local debt and is split into 1. Debt held by the public, 2. Debt held by government accounts, and 3. Debt held by the Federal Reserve; these debt deficits amount for $12.8 trillion, $2.5 trillion, and $2.7 trillion of the U.S. debt, respectively.
The National Debt as percentage of GDP sits at 101.53 percent as of Q3 2014 and has a trend to increase or remain as is at its current state (Federal Government Debt); see Figure 2 below for total debt as a percentage of GDP. Figure 2. Federal Debt as a Percent of GDP over time (FRED)
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