At the shutdown, the gross national debt of the United States exceeded $38 trillion on Wednesday, which was a record high and indicates an accelerated accumulation of debt on America's balance sheet.
It is also the fastest accumulation of a trillion dollars of debt outside of the pandemic — in August of this year, the gross national debt of the United States reached $37 trillion.
Kent Smetters of the Penn-Wharton Budget Model at the University of Pennsylvania, who worked in the Treasury Department of President George W. Bush, told the Associated Press that the growing debt burden over time eventually leads to higher inflation, undermining Americans' purchasing power.
The Trump administration says its policies are helping to slow the growth of government spending and reduce the country's huge deficit. According to a new analysis by the Ministry of Finance, the cumulative deficit was $468 billion from April to September. Treasury Secretary Scott Bessent said this was the lowest figure since 2019.
Over the past year, the total national debt has grown by $69,713.82 per second. Back in January 2024, the US national debt was $34 trillion, in July 2024 — $35 trillion, and in November 2024 — $36 trillion.
"Along with rising debt, interest costs are rising, which is now the fastest—growing budget item," said Michael Peterson, Chairman and CEO of the Peter G. Peterson Foundation. "Over the last decade, we have spent $4 trillion on interest, but over the next ten years we will spend $14 trillion. Interest costs are crowding out important public and private investments in our future, hurting the economy of every American."