The U.S. debt burden is rising quickly. The current debt is double what it was just 10 years ago in 2016.
The nation's population is approximately 342 million people, according to the U.S. Census Bureau. That means if split amongst each American, each person's responsibility would be roughly $117,000.
How did we get here?
"We've had spending programs over the years. For example, during COVID, there were stimulus checks sent out to people to stimulate the economy to get us out of the recession caused by COVID, and we've also had big tax cuts which basically reduced the revenue that the federal government would normally take in," Prof. Gin said.
But what does that all mean for you?
"If the federal government is running a deficit and running a national debt, that means it is borrowing money to finance that and so when the government goes to borrow money, it and that could cause interest rates to rise so that affects the average person would then have to pay higher interest rates on things like mortgages, auto loans, credit cards," University of San Diego Economics Professor Alan Gin said.
Professor Gin and other economists told ABC13 that over the next few years they will monitor whether the federal government reduces spending or increases revenue to reduce the national debt.