The national debt of the United States has reached a new high, with estimates of the overall debt and the population of the United States calculating a debt equivalent to roughly $100,000 for every American citizen.
As reported by Just The News, the U.S. Census currently estimates an overall population of about 336 million. At the same time, the U.S. Treasury Department calculates a national debt of $34 trillion.
“The national debt just exceeded $100,000 per citizen,” said Congressman John James (R-Mich.) on the platform X, formerly known as Twitter. “This should send a message to the White House that this reckless federal spending is at a breaking point.”
At the same time, the Treasury confirmed that in the first month of the new fiscal year, the federal government’s deficit had reached $67 billion. Combined with ongoing inflation and a recent credit downgrade for the United States, these factors have led to increased speculation that another recession is on the horizon.
As a result of the government’s debt woes, several major government programs – including Medicare, Social Security, and government-funded highways – are all facing potential insolvency within the next 10 years. Meanwhile, despite the increasing debt and deficit, few efforts have been made to curb government spending; although the government is currently spending just slightly less money than the record highs during the Chinese Coronavirus pandemic, spending still remains at a staggering high.