In 2023, the gross federal debt in the United States amounted to around 93,500 U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about 92,528 U.S. dollars.
The total debt accrued by the U.S. annually can be accessed here.
Federal debt of the United States
The level of national debt held by the United States government has risen sharply in the years following the Great Recession. Federal debt is the amount of debt the federal government owes to creditors who hold assets in the form of debt securities. As with individuals and consumers, there is a common consensus among economists that holding debt is not necessarily problematic for government so long as the public debt is held at a sustainable level. Although there is no agreed upon ratio of debt to gross domestic product, the increasing debt held by the Federal Reserve has become a major part of the political discourse in the United States.
Politics and the national debt
In recent years, debate over the debt ceiling has been of concern to domestic politicians, the owners of federal debt, and global economy as a whole. The debt ceiling is a legislated maximum amount that national debt can reach intended to impose a degree of fiscal prudence on incumbent governments. However, as national debt has grown the debt ceiling has been reached, thus forcing legislative action by Congress. In both 2011 and 2013, new legislation was passed by Congress allowing the debt ceiling to be raised. The Budget Control Act of 2011 and the No Budget, No Pay Act of 2013 successively allowed the government to avoid defaulting on national debt and therefore avert a potential economic crisis.
FAQs
In 2023, the gross federal debt in the United States amounted to around 93,500 U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about 92,528 U.S. dollars.
How much debt is the US in 2023 per capita? ›
Historical Data
| Date | Value |
|---|
| September 30, 2023 | 98.83K |
| June 30, 2023 | 96.49K |
| March 31, 2023 | 94.00K |
| December 31, 2022 | 93.98K |
21 more rowsInvestors in Japan and China hold significant shares of U.S. public debt. Together, as of December 2023, they accounted for nearly $2 trillion, or about 7 percent of DHBP. While China's holdings of U.S. debt have declined over the past decade, Japan's purchases of U.S. Treasury securities remain comparable.
What country owes the most debt 2023? ›
Which state has the highest government debt per capita? ›
U.S. per capita state and local government debt outstanding 2021, by state. In 2021, the federal state of New York had debt of around 19,318 U.S. dollars per capita, the most out of any state in the U.S. While not a state, the District of Columbia had an even higher per capita debt, at 29,756 U.S. dollars.
What is the average debt per person in America? ›
The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.
What country is the US most in debt to? ›
5 Foreign Countries That Own the Most U.S. Debt
- As of Sept. ...
- U.S. national debt is categorized as intragovernmental debt and public debt. ...
- The remainder is public debt. ...
- As of Sept. ...
- Japan held $1.12 trillion in Treasury securities as of June 2024, beating out China as the largest foreign holder of U.S. debt.
Singapore is one of Asia's major financial centers. It is also one of the most prosperous countries on the planet. And all this has been achieved without taking on any meaningful public debt. In fact, very much like Norway, Singapore has more assets than debt.
Who owns U.S. national debt? ›
Ownership of the Debt
The Debt Held by the Public is all federal debt held by individuals, corporations, state or local governments, Federal Reserve Banks, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities.
Who does the U.S. owe the most money to? ›
Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion.
The lowest-liability states—Arizona, Idaho, Nebraska, Tennessee, Utah, Wisconsin, and Wyoming—owe less than 3 percent of GDP. The highest-liability states—Connecticut, Hawaii, Illinois, New Jersey, and Vermont—owe more than 20 percent of GDP.
What state is deepest in debt? ›
U.S. state and local government outstanding debt 2021, by state. In 2021, the federal state of California had about 541.24 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2021.
Why is the US in so much debt? ›
The U.S. tax system does not generate enough revenues to cover the spending policymakers have enacted. This rapidly growing imbalance between revenues and spending leads to higher and higher annual deficits, and the result is an increasing national debt balance.
What is the total US debt per capita? ›
As of Jan. 6, 2024, the net debt per capita of the United States is $102,409. Countries with higher net debt per capita include the United Kingdom and The Netherlands.
What is the total US deficit for 2023? ›
The federal government ran a deficit of $1.7 trillion in fiscal year 2023, $320 billion (23%) more than FY2022's deficit.
Which country has the highest debt? ›
United States. The United States boasts both the world's biggest national debt in terms of dollar amount and its largest economy, which resolves to a debt-to GDP ratio of approximately 121.31%.
What is the actual debt of the United States? ›
The $35 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself.
