In 2024, the interest on the national debt was $1.2 trillion, or an average of $8,723 for every household in the United States. Although the principle and interest on the national debt are paid with money from U.S. taxpayers, almost all U.S. citizens bear the burden of the national debt, even those who pay little or no taxes. This is because the consequences of the debt commonly include inflation, reduced living standards, lower wages, weak economic growth, reductions in spending on government programs, and combinations of such results.