The United States national debt has been ballooning to unprecedented levels, and citizens of different generations are feeling its impact on the economy. As the national debt continues its relentless climb into uncharted territory, future generations will inherit a substantial financial obligation.
In this line, as of September 28, data compiled by Finbold indicated that the US national debt had reached an astonishing $33.11 trillion. Considering the nation’s population of 335.27 million, this equates to a debt burden of approximately $98,769.91 for each citizen. Among the world’s leading economies, the United States ranks second in national debt per capita, trailing only Japan, which carries a debt load of $13.50 trillion, translating to roughly $104,336 per citizen for its population of 129 million.
Italy follows with a per capita national debt of $58,202, encompassing a total debt of $3.61 trillion. France is next in line with a per capita national debt of $55,828. The United Kingdom rounds out the top five, where each citizen bears a debt of approximately $54,667.
With a national debt of $3.36 trillion, Germany has its citizens owing $39,269.33 each. Canada, on the other hand, has a national per capita debt of $10,581.40, stemming from a national debt of $2.3 trillion.
Moving to China, which boasts the highest population worldwide at 1.47 billion, the per capita debt stands at $9,849, connected to a national debt of $14.5 trillion. Brazil ranks ninth with a population of 217.4 million, resulting in a per capita debt of $9,688.38, derived from a national debt of $2.1 trillion. India, with a population of 1.41 billion, has a per capita debt of $2,336 and a national debt of $3.29 trillion.
Implication of the growing US debt
The research highlighted the implication of a growing United States national debt. According to the research report:
“The US national debt crisis is not new but a long-standing issue exacerbated by the pandemic and its economic fallout. The consequences of such high debt levels are manifold and potentially devastating, with effects spreading to citizens. A default would likely trigger a severe national recession, send global economy shockwaves, and sharply increase unemployment rates.”
Addressing the national debt demands a mix of prudent fiscal strategies, placing the responsibility squarely on policymakers to grapple with complex spending priorities and revenue-generation decisions.