Politics & Finances

United States' Debt Hits Record High, Surpasses $31 Trillion

10/4/2022

For the first time in history, the United States' debt has surpassed $31 trillion.

The climbing national debt comes during a period of historically high inflation rates -- consumer prices rose 8.6% in May 2022 alone -- and global economic uncertainty.

In January 2021, CNN reported that the national debt surged by $1 trillion in just eight months at the height of the COVID-19 pandemic. This was largely due to the $900 billion relief plan that was passed in December 2020, which included stimulus checks for qualifying American households.

The Committee for a Responsible Fiscal Budget last month published data estimating that President Joe Biden’s policies could add $4.8 trillion to the growing national debt between 2021 and 2031.

The CRFB noted, “Excessive borrowing will lead to continued inflationary pressures, drive the national debt to a new record as soon as 2030 and triple federal interest payments over the next decade – or even sooner if interest rates go up faster or by more than expected."

In a new article, CNN looked to Treasury Department data to show just how much America's deficit has soared over the past decade. When former President Barack Obama took office on January 20, 2009, the national debt was $10.6 trillion. It sat at $19.9 trillion when former President Donald Trump was sworn in on January 20, 2017, it was $27.8 trillion during Biden's inauguration on January 20, 2021.

The New York Times also weighed in on the situation, speaking to Michael A. Peterson, Chief Executive Officer of the Peter G. Peterson Foundation, which works to promote deficit reduction.

Peterson said:

“So many of the concerns we’ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest. Too many people were complacent about our debt path in part because rates were so low.”

The White House has not yet issued an official statement on the United States' debt passing the $31 trillion threshold.

What are your thoughts on the American national debt?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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