US National Debt Hits $30 Trillion for First Time
Summary from the AllSides News Team
A recent statement from the Treasury Department said as of Jan. 31, the U.S. had a national debt of $30 trillion.
That number equals just over $90,000 per citizen, or nearly $240,000 per taxpayer. Debt-fueled spending increased during the COVID-19 pandemic, as the U.S. government borrowed roughly $5 trillion to fund efforts to stave off economic fallout from lockdowns, restrictions, job losses, and reduced consumer spending. America's national debt exceeded $10 trillion for the first time ever in October 2008, and reached $20 trillion in September 2017. When the 2019 fiscal year ended, the total public debt outstanding was $22.7 trillion.
Coverage across the spectrum framed the number as concerning and a reason for President Joe Biden's failure to advance his $1.75T Build Back Better spending plan. Reports from some left- and center-rated sources pointed out economic experts who said extra spending amid the COVID-19 pandemic was a good idea, and cited low interest rates and continued economic growth as reasons that high national debt might not be a bad thing. Coverage of the news from right-rated sources often mentioned current high inflation and framed COVID-19 stimulus spending as excessive. One writer on the right argued that the debt is the result of politicians from both parties spending the last two decades borrowing money carelessly "to pay for everything from foreign wars to $1,200 checks for most Americans."
Featured Coverage of this Story
From the Right
America’s National Debt Soars Past $30 Trillion Milestone
America’s ballooning national debt has exceeded the $30 trillion mark for the first time ever, according to Treasury Department data.
The Treasury Department said in a statement (pdf) that, as of Jan. 31, the total public debt outstanding was $30.012 trillion, which roughly works out to just over $90,000 per citizen or nearly $240,000 per taxpayer.
Debt-fueled spending exploded during the pandemic with various programs meant to shield Americans from the economic fallout of lockdowns and other business restrictions, job losses, and reduced consumer spending.
Treasury Department figures show that the total public...
From the Left
'Sound the alarm': National debt hits $30 trillion as economists warn of impact for Americans
The national debt surpassed $30 trillion for the first time Tuesday, fueled in part by the coronavirus pandemic and what economists describe as years of unsustainable government spending that could have long-term consequences for every American.
The federal government now owes $23.5 trillion in debt to creditors and another $6.5 trillion to itself. Debt to creditors soared by $1.5 trillion over the last year alone, according to the Peter G. Peterson Foundation, a nonpartisan organization focused on addressing the country’s fiscal challenges.
“It does not make sense as a society to simply spend more than we...
From the Center
U.S. National Debt Exceeds $30 Trillion for First Time
The U.S. national debt exceeded $30 trillion for the first time, reflecting increased federal borrowing during the coronavirus pandemic.
Total public debt outstanding was $30.01 trillion as of Jan. 31, according to Treasury Department data released Tuesday. That was a nearly $7 trillion increase from late January 2020, just before the pandemic hit the U.S. economy.
The total debt comprises debt held by the public and intragovernmental debt.
The debt milestone comes at a time of transition for U.S. fiscal and monetary policy, which will likely have implications for the...
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