As of March 1, 2023, the official debt of the U.S. government is $31.5 trillion. This amounts to $94,064 for every person in the nation, $239,776 for every household, and 124% of annual U.S. economic output. That doesn't include the liabilities and unfunded obligations of the federal government, which are more than twice the size of the debt. The consequences of government debt can manifest gradually or abruptly in the form of reduced wages and living standards, higher inflation and taxes, or combinations of such results. Because 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.