The debt of the US federal government has now surpassed a whopping $100,000 per person in another grim milestone under President Joe Biden.
The rough debt and population estimates have been calculated at about $100,000 federal debt per person in the United States.
According to the US Census population clock, the population is nearly 336 million.
The US Treasury Department estimates the national debt is nearly $34 trillion.
Rep. John James, R-Mich., wrote on X:
“The national debt just exceeded $100,000 per citizen.”
“This should send a message to the White House that this reckless federal spending is at a breaking point.”
🚨🚨 US DEBT CRISIS NEWS 🚨🚨
— Rep. John James (@RepJames) December 4, 2023
The national debt just exceeded $100,000 per citizen. This should send a message to the White House that this reckless federal spending is at a breaking point.
That's why I'm working with @SpeakerJohnson & @HouseGOP to rein in federal spending.
Last month, the US Treasury confirmed the federal government had a deficit of $67 billion.
There are increasing concerns that the rising debt has grown along with the debt and recent international credit downgrades for the US,
According to Centre Square,:
The federal government received a credit downgrade from Fitch Ratings, one of the world’s top international credit rating agencies. The rating went from AAA to AA+.
Moody’s, one of the other top three credit rating groups, announced last week that it was lowering its evaluation of the US credit from “stable” to “negative.”
The trust funds for Medicare, Social Security and highways are facing insolvency within a decade as the federal government borrows billions of dollars daily.
Despite these red flags, federal deficit spending, which has been elevated since the COVID-19 pandemic, and Congressional spending show little sign of slowing down.
Deficits spiked during the pandemic, and while they have decreased from their COVID-era peaks, they remain higher than before the pandemic.
As Fox News reported, members of Congress are considering proposals for a bipartisan fiscal commission that would provide recommendations for lawmakers to consider that would help rein in widening budget deficits and the growing national debt.
House Budget Committee Chairman Jodey Arrington, R-Texas, said:
“With our nation staring down nearly $34 trillion in debt, members across the aisle know that our spending is unsustainable, and we must change course.”
“While a commission is not a fix-all, it can offer a productive, depoliticized forum for educating the public and identifying solutions regarding our deficit spending and long-term unfunded liabilities.”
House Budget Committee Ranking Member Brendan Boyle, D-Pa., said the panel’s previous hearing with lawmakers was ultimately unsuccessful in securing meaningful fiscal reforms.
“I thought the panel we had a couple of weeks ago of those former members of the House who participated in prior commissions talked about their experiences; every one of those commissions ultimately ended in failure,” Boyle said.
“Whether it’s a commission or some other process, it will come down to individuals voting from a couple menus of options,” he added.
“And the main menu will have either more revenues, or cuts, or some combination thereof. And you can have the greatest, biggest blue ribbon and put that on a commission.”
“That won’t be a substitute for the fact that ultimately, individuals will have to put up a vote, either saying yes, this is how we’re going to raise more revenue, or yes, this is how we’re going to enact cuts.”
