America’s national debt has surpassed $30 trillion for the first time in history, the Treasury Department said this week.
The federal government exceeded the troubling threshold following a wave of borrowing and spending during the COVID-19 pandemic.
The national debt has expanded by approximately $7 trillion since January 2020, weeks before the pandemic began, as the Trump and Biden administrations dispersed stimulus payments and took other measures to support the economy.
The $30 trillion debt is equivalent to $231,000 per US household and $90,000 per person, according to the Peter G. Peterson Foundation. If every US household paid $1,000 per month toward covering the debt, it would take 19 years to pay down the sum.
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