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As of the day that this topic was posted, the national debt stood at an astronomical figure, nearing 36.5 trillion dollars. That's $36,500,000,000,000. This data is updated constantly at usdebtclock.org... Click Here.
We thought it would be a good idea to include the date that this topic was posted (2/16/2025) because we are quite sure that the numbers have already changed by now. It's critical to remember that the Federal Government borrows money from the public, you, by issuing securities. Article 1, Section 8 of the United States Constitution grants Congress this power, wherein it states, "To borrow money on the credit of the United States." We, the people, are the United States. The debt accumulated eventually must be repaid. In essence, the public owes roughly $107,000 per person to various entities, which include individuals, corporations, the Federal Reserve, and foreign, state, and local governments. Interest on the debt has ballooned to the point where it rivals military spending. Think of the debt this way versus tax revenue collected. The government collected about $5 trillion in total revenue. That's the equivalent of a person bringing home $50,000 (after tax) and owing $365,000.