For the first time in history, the national debt has exceeded $34 trillion, more specifically, it reached $ 34.01 trillion, according to new data published by the Treasury Department. Just four decades ago, the debt was less than one trillion dollars (around $907 billion).
Despite the serious historical figure, the nation's financial situation will continue to worsen. The latest data from the Congressional Budget Office predicts that the national debt could nearly double over the next thirty years.
The national debt, record after record
Public debt already reached a milestone in September 2023 (when it stood at $33.04 trillion). A few months after releasing the information (in December), representative John James - Republican of Michigan - revealed on his X account, formerly Twitter, that according to his calculations, The debt exceeded $100,000 per person:
The national debt has just exceeded $100,000 per citizen. This should send a message to the White House that this reckless federal spending is at breaking point. That's why I'm working with @SpeakerJohnson and @HouseGOP to curb federal spending.
The calculation of the rapid debt growth resulted from assessing the national debt level of more than 33 trillion and dividing this figure with the number of citizens residing in the country according to the Census Bureau (336 million people).
Consumer spending soars
The record of increasing debt was coupled with another milestone. Consumer spending reached a level not seen since 2010, according to a new WalletHub study using official government data.
In October, Americans spent $1.57 trillion (this reflects an increase of $4.04 billion from September). Likewise, the report revealed that consumers spent more than 81% of their income in a single month on their basic expenses. WalletHub editor John Kiernan declared in a statement:
Even though monthly totals set records, recent spending doesn't appear to be unusually reckless, considering metrics like spending-to-income ratios are in line with historical averages. The general conclusion is that although consumers are spending more than ever, much can be attributed to high inflation, low unemployment and an economy that is stronger than you might think.
