How Much Debt Is The US In?
National debt of the United States, also referred to as public debt is the total amount owed by the federal government of the United States. The US government collects taxes and fees to cater for the US government’s unending needs. Washington is tasked with the responsibility of collecting national taxes and fees. But due to one reason or the other, the government may get into a deficit. This situation may force the federal government to borrow money from other sources to take care of its needs. Of interest here below is the amount of money that the United States has as its debt.
What is the Exact Debt of the United States?
The debt of the United States keeps on fluctuating from time to time due to the varied revenue collection in a fiscal year. For this reason, there is the US debt clock that tells the exact debt of the federal government at every point time. According to the US debt clock, the United States currently has $18,158,847,782,747.83. This amount is more than Canada debt which has always been greater than UK debt. Therefore, of the three countries, The United States of America has the biggest debt.
To clear the over 18 trillion United States deficit, every citizen has a burden of over $56,000. Given its impossibility, the government seeks ways to reduce the debt to a manageable figure. But despite of the efforts put by the government, the debt keeps on increasing by the day.
Who Owns the Most of United States Debt?
Social Security is the largest owner of the US debt. One may question the validity of this statement given the fact that Social Security is part of the federal government. But it happens that Social Security is the largest of all the US debt owners. It has 16% of the total debt of the government. Federal government entities and the Federal Reserve are owed 13% and 12% respectively.
Foreign countries own more than a third of the total debt. US debt to China stands at 7.2% of the total figure. This makes China the biggest foreign country owning US debt. Japan follows in second with 7.2%. There are also other countries in different regions that are owners of the National debt. The Federal Government has put up strategies to avoid having much debt from foreign countries.
But even with over 18 trillion as debt, the United States of America still remains to be world’s economic power house.