US national debt tops $40 trillion: These charts offer more context
WTAE • • business
Key Points:
- The U.S. national debt has exceeded $40 trillion, marking a nearly 600% increase since 2000 when it was about $5.8 trillion.
- On a per capita basis, the national debt amounts to approximately $116,800 for every American.
- Since President Trump took office in January 2017, the national debt has grown by 10.6%, with the largest dollar increase of $8.45 trillion occurring during President Biden's term, influenced in part by the COVID-19 pandemic.
- Federal spending surged by about 50% from fiscal year 2019 to 2021 due to pandemic-related measures, contributing to rising deficits; the last federal surplus occurred in 2001.
- Among recent presidents, Obama saw the greatest percentage increase in debt during his first term, reflecting the financial crisis period when he assumed office.
