If the federal government's debts were equally divided among all U.S. households, how much per household would this be?
As of December 21, 2020, the official debt of the federal government is $27.5 trillion. This amounts to $214,190 for every household in the U.S., $83,207 for every person living in the U.S., 131% of U.S. annual economic output (GDP), 7.5 times annual federal revenues, and 68% more than the combined consumer debt of every household in the United States. Contrary to the claims of certain media outlets and politicians, the national debt has been mainly caused by increased spending on social programs, not tax cuts or military spending. Social programs grew from 20% of federal expenses in 1959 to 62% in 2018, while military spending declined from 53% to 18%, and taxes stayed at a roughly level share of the U.S. economy.