The United States is facing a big financial problem: the national debt has reached a massive $36.9 trillion. This debt is the money that the U.S. government owes, and it’s growing every day. While this might seem like a topic only for economists or politicians, it actually affects every American—including you and your family. From grocery bills to home loans and job opportunities, the national debt plays a role in many areas of our daily lives. Let’s understand what this all means in simple English.
What Is the U.S. National Debt?
The national debt is the total amount of money that the U.S. government has borrowed over the years to pay for things like defense, healthcare, social programs, and more. The government borrows this money by selling bonds to investors, banks, and even foreign countries.
Right now, the national debt is about $36.9 trillion. That’s more than the entire yearly value of goods and services the U.S. produces.
Why Is the Debt a Problem?
When the government keeps borrowing money, it has to pay interest on that debt. As the debt gets bigger, the interest payments also get bigger. In fact, the cost of paying interest has now become higher than what the U.S. spends on its military!
This means less money is available for things like schools, hospitals, and infrastructure. Also, as debt grows, the government might print more money to pay its bills. But printing too much money can lead to inflation—which makes everything cost more.
How Does the National Debt Affect You?
Most people don’t think about national debt every day, but it actually hits your wallet in many ways:
- Higher prices at stores: Finance expert Michael Ryan says that when the government borrows too much, prices go up. Your grocery trip that once cost ₹8,000 ($100) may now cost ₹10,000 or more because your money buys less.
- Rising mortgage rates: If you’re planning to buy a house, it will cost more to borrow money because interest rates go up when investors worry about debt.
- Fewer jobs and raises: Businesses pay higher taxes and interest, so they hire fewer workers and may not give big raises.
- Retirement risks: Your savings and retirement funds may not grow as expected due to an unstable economy.
Public Opinion on the National Debt
People are definitely worried. A 2023 Pew Research survey found that 57% of Americans think reducing the debt should be a top priority. Republicans are more concerned about it (71%) than Democrats (44%).
Another Gallup poll from March shows that 53% of Americans worry about the budget deficit a “great deal,” and another 28% worry about it “a fair amount.”
Expert Opinions: What Are Professionals Saying?
Several financial experts shared their views:
- Kevin Thompson, CEO of 9i Capital Group, says not all deficits are bad. But the U.S. debt is too high now. He believes if interest rates stay high, it will become harder for the government to keep up.
- Michael Ryan, founder of MichaelRyanMoney.com, compares the U.S. debt to a credit card bill that’s out of control. He says we need to either spend less or earn more—or both.
- Alex Beene, a financial literacy teacher, says the debt is like a “phantom thief”—you don’t see it, but it quietly steals your buying power.
Impact of Trump’s Tax Plan
Former President Donald Trump introduced a tax plan in 2017. While some people believed it would grow the economy, others warned it would make the debt worse. Experts now estimate that Trump’s tax bill could add $2.4 trillion to the national debt.
Senator Elizabeth Warren strongly criticized the bill, saying it mainly benefits billionaires and hurts public services like healthcare.
What Could Happen in the Future?
If the government doesn’t fix the debt, the future could be tough:
- Higher taxes: To pay off the debt, taxes may have to go up in the future.
- Reduced services: The government might cut programs like healthcare, education, and social security.
- Economic slowdown: A large debt can slow down job growth and reduce opportunities for everyone.
Kevin Thompson warns that if this continues, the U.S. could become a “debtor nation,” struggling to pay its bills like someone drowning in loans. Michael Ryan adds that ignoring the debt now will lead to more pain later. It’s already showing up in your bills and may cost you more in the future.
Conclusion
The national debt is not just a government issue—it affects all of us. From higher grocery prices to expensive loans and slower job growth, the impact is real and personal. If the government doesn’t make smart choices now—by balancing spending and taxes—future generations will suffer even more. Fixing the problem will be tough and may involve higher taxes or cutting government programs. But doing nothing is not an option. Just like with personal debt, the longer we wait to deal with it, the worse it becomes.
