The national debt is over $34 trillion. It’s time to tell the truth about the U.S. government’s finances
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The national debt in the U.S. has reached over $34 trillion, exceeding the country's GDP by about $6 trillion. The federal deficit in fiscal year 2023 was $1.7 trillion and is expected to approach $2 trillion by the end of fiscal 2024. The consequences of this debt include crowding out private investment, a decrease in the purchasing power of the U.S. dollar, and a significant amount of interest payments on the national debt. The U.S. government is projected to pay close to $900 billion in interest payments this year alone, and debt service is expected to increase to $5.3 trillion by 2054. The growth of the U.S. government's debt has been a long-term trend since the mid-1970s, with both parties contributing to the increase in federal spending. Without significant spending cuts and fiscal discipline, the current trajectory of federal finances will lead to a dire situation. The author suggests cutting defense, education, justice, and homeland security budgets, as well as privatizing the Social Security program, to address the issue.

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https://fortune.com/2024/06/24/national-debt-34-trillion-america-government-finances/