The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders.
The national debt is the accumulation of the nation’s annual budget deficits. A deficit occurs when the federal government spends more than it takes in.
To pay for the deficit, the government borrows money by selling the debt to investors.
As of Nov 29, 2021, the U.S. national debt is $29.8 trillion and still rising.
Is the debt too high?
Some people worry that excessive government debt levels can impact economic stability with ramifications for the strength of the currency in trade, economic growth, and unemployment.
But others claim the U.S. national debt is manageable and no cause for alarm.
In this video, Vanguard Group founder Jack Bogle gave his view about the U.S. national debt.
He talked about how the country can stop relying on debt and pointed out several important things.
Source: Finance Jane (Shared via CC-BY)