If the federal government's debts were equally divided among all U.S. households, how much per household would this be?
As of December 24, 2020, the official debt of the federal government is $29.4 trillion. This amounts to $226,016 for every household in the U.S., $88,347 for every person living in the U.S., 131% of U.S. annual economic output (GDP), 8.0 times annual federal revenues, and 67% more than the combined consumer debt of every household in the United States. Regardless of how much taxes people pay, almost everyone suffers the ill-effects of government debt. This is because it is rarely paid off but manifests in the form of lower wages, weak economic growth, inflation, and combinations of such results. Since government debt hurts people through economic mechanisms that are not obvious to them, voters seldom hold politicians accountable for running up debt. Hence, the harmful effects continue.