The Growing Price of U.S. Debt

The U.S. public debt is currently $9 trillion. That's an average debt for 303 million U.S. residents of about $30,000, or for 135 million U.S. taxpayers of about $67,000. (The numbers are about six times bigger if we add unreported U.S. liabilities.) This debt is being financed by our children and by the rest of the world, at the cost of U.S. influence in the world arena.

U.S. debt has grown 14-fold in real terms over the past 65 years. It grew five-fold during World War II and since Reagan's accession it has grown another 350 percent. Under Reagan the United States flipped from being the world's largest creditor nation to being the world's largest debtor nation. The growth of the national debt slowed and briefly reversed during the Clinton years, but then resumed its rapid upward march. (See chart.)

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