The Inescapable Gravity of US Debt: A Long term Perspective The United States has long been accustomed to running a budget deficit, but in recent years the accumulation of national debt has reached unprecedented levels.
As of 2023, the federal government's outstanding debt stands at over $27 trillion, with annual deficits averaging around 5% of GDP.
This trend may seem alarming, but understanding its historical context and underlying factors is essential.