Podcast
Questions and Answers
What is the approximate number of years represented by a trillion seconds?
What is the approximate number of years represented by a trillion seconds?
As of 4/24/2019, what was the total public debt?
As of 4/24/2019, what was the total public debt?
What was the debt per citizen as updated last to approximately $106,617?
What was the debt per citizen as updated last to approximately $106,617?
As of current statistics, what is the Gross Federal Debt as a percentage of GDP?
As of current statistics, what is the Gross Federal Debt as a percentage of GDP?
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When was the total public debt last recorded at over $20 trillion?
When was the total public debt last recorded at over $20 trillion?
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What was the federal government debt on April 24, 2022?
What was the federal government debt on April 24, 2022?
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How much did the federal government debt increase from November 30, 2021, to April 20, 2023?
How much did the federal government debt increase from November 30, 2021, to April 20, 2023?
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As of November 26, 2023, what was the recorded federal government debt?
As of November 26, 2023, what was the recorded federal government debt?
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What was the federal government debt on November 18, 2024?
What was the federal government debt on November 18, 2024?
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Which of the following dates showed a federal government debt greater than $30 trillion?
Which of the following dates showed a federal government debt greater than $30 trillion?
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Study Notes
Federal Government Debt
- Data shows fluctuating figures for federal government debt, with dates and times of reporting.
- Example: $19,971,082,595,663 reported on 8/8/2017 at 10:25pm
- Debt figures increase over time.
- Significant amounts of debt are shown for different dates between 2017 and 2023, all of which are very large numbers.
- As of November 26, 2023, the federal government debt is $33,798,781,320,195.
- As of November 18, 2024, the federal government debt is $36,008,070,629.
Debt to GDP Ratio
- The ratio of the federal debt to GDP has fluctuated since 1940 up to the current date.
- Data presented from a graph shows the debt to GDP ratio.
- Ratios go up and down as time goes on.
Debt as a Percentage of GDP
- The national debt is represented as a percentage of gross domestic product (GDP).
- Debt percentages change over time. For example, in 1965, the debt was 135.9% of GDP.
Debt Perspective and Timeline
- Debt timeline shows a perspective on how debt grows throughout years.
- The debt is increasing year after year since 2008.
- Debt increases exponentially.
Problems with the Debt
- One issue is the sheer size of the debt.
- The interest on the debt is also a problem.
- This is especially troublesome since interest rates do not remain low.
- Example: 2023 annual interest=$981 Billion
- Kicking the can down the road, which is a delay in dealing with national debt issues.
- External debt to countries and international entities is another problem.
- Foreign debt amounts fluctuate throughout the years.
Budget
- Federal budget expenditures vs. tax revenues are tracked for a 12-month period.
- Fiscal period begins October 1 through September 30.
- Budget deficits occur when expenditures exceed tax revenues.
- National debt is the accumulation of these budget deficits and debts.
- Debt in the US is at an all-time high.
Why the US is in Debt
- Wars and other historical events are contributors to the national debt.
- Macroeconomic issues and recessions, including spending bills and bailouts (e.g., TARP)
- Social programs and entitlement programs
- Non-discretionary spending.
Entitlement Programs
- Entitlement programs are difficult to cut, and non-discretionary.
Pre-COVID Debt
- Federal budget pre-COVID showed chronic deficits
- Deficit figures are large and in the trillions of dollars.
Debt Comparisons
- Comparing Federal Debt to individual family income provides perspective.
- One possible solution is to address budget deficits and the issue of spending.
Budget Philosophies
- Balanced budget: revenues = expenditures
- Cyclically balanced: accounting for the business cycle
- Functional finance: focusing on macro goals, while addressing the budget deficits.
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Description
Explore the trends in federal government debt from 2017 to 2024 and its implications on the national economy. This quiz delves into the debt to GDP ratios, historical percentages, and key timelines that reflect the financial health of the government. Test your knowledge on how these financial metrics have evolved over the years.
