National Debt Grew by $2.5 Trillion in 2024

The national debt of the United States grew by at least $2.5 trillion in 2024, and is projected to rise even higher in coming years.

As reported by Just The News, the national debt was $33.8 trillion on Christmas Eve of 2023. By December 24th of 2024, the debt has reached $36.3 trillion. If it continues to rise at the current pace, then it will hit $39.2 trillion in 2026 and $40.95 trillion in 2027. These estimates were made by the Congressional Budget Office (CBO) forecast for the next 10 years.

Along with the debt itself, the average interest rate that the government must pay is also rising. Five years ago, the rate was 2.378%; it is currently 3.155%. The interest rate rising alongside the debt creates a seemingly never-ending cycle where the debt causes the interest rate to rise, which then results in more money being added to the debt, which makes the interest rate rise even higher.

As a result of the increased debt and subsequent interest rates for the federal government, interest rates have also been rising across the board, affecting many aspects of life for all Americans. This includes mortgages, car loans, and business loans, among other factors.

On top of the national debt and its implications for all Americans, the economy is still suffering the effects of inflation from the outgoing Biden-Harris Administration’s policies, which has resulted in lower wages and reduced availability in the job market.

President-elect Donald Trump has vowed to get prices back under control by cutting regulations and implementing more free-market policies as he did in his first term. He also plans to once again reduce the price of gasoline with an unrestrained approach to accessing domestic energy sources within the United States.