Federal government deficit exceeds $1.9 trillion so far in 2024
Total public debt broke records in July, now soaring to bring the average debt of each U.S. citizen to nearly $104,000.
Kamala Harris and Joe Biden campaigning together again in the Rust Belt / Andrew Cabellero Reynolds
The federal government's deficit reached alarming levels this year, surpassing $1.9 trillion so far in 2024. This figure, driven by excessive government spending by the Biden-Harris administration, follows a troubling trend of ever-increasing budget deficits and national debt.
The total public debt broke records in July by exceeding $35 trillion total for the first time, continuing the upward trend resulting from failed federal government economic policies that leave a dark outlook for the future in the face of an unchecked deficit and its implications for the nation's economy.
By the end of December 2023, the national debt already exceeded $34 trillion. Three months earlier, in September, the country reached a negative historical milestone by surpassing $33 trillion in outstanding debt.
More than $100,000 per citizen
Four decades ago, the national debt was not even $1 trillion. During this time, it has skyrocketed, with the debt of each U.S. citizen close to $104,000 (according to Census data, there are 336 million inhabitants in the United States).
Given this figure, and in the midst of a runaway level of spending, debt is expected to continue to grow over the next decade. According to Congressional Budget Office forecasts, the public debt will increase significantly during this period, going from 99% of Gross Domestic Product (GDP) at the end of 2024 to 116% of GDP in 10 years.
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