1 minute read
Raise the roof
According to the US Department of the Treasury, the US has carried debt since its founding, ending the revolutionary war with USD 75 million in debt outstanding. Today, the US national debt exceeds USD 31.4 trillion. As a recent Visual Capitalist post depicts, the US debt would be equivalent to almost eight of Chicago’s 110-story Willis Towers constructed of stacked one-dollar bills. While it is difficult to predict the outcome of the current debate on the statutory debt ceiling, which the US may soon reach, it is worth noting that the country has not generated a budget surplus since 2001. Further, even if the US could balance its budget, interest expenses on existing debt, estimated at USD 395.5 billion this fiscal year, represents one of the government’s largest expense items, accounting for 6.8% of all federal spending.
