The national public debt is essentially a collective responsibility that falls on all tax-paying individuals in our country. This debt represents the fees the government pays to fund its operations, including borrowing costs and interest on loans. It’s a significant portion of the annual budget. Last year, interest expenses reached $1.13 trillion (2), surpassing even the government’s largest programs, such as Medicaid and National Defense (1/4).
The magnitude of this debt impacts the government’s annual budget and constrains spending in other areas. As of the first 3 months of 2025, the interest expense on our national debt was $684 billion, with an average interest rate of 3.289%, representing 16% of federal spending (1). The national debt stood at $36.21 trillion as of May 14, 2025 (2).
As our elected officials work to agree on the 2026 budget, early indications suggest that these numbers may continue to grow. To illustrate the situation, it’s like continuously using a credit card without paying it off each month, allowing the interest owed to compound yearly for decades.
In 2022, 158.8 million U.S. citizens filed their taxes (5). If we assume that each filer shares an equal responsibility for the national debt, that would amount to $228,022 per filer. Additionally, with approximately 341.8 million people in the U.S. (6), the debt obligation per person would be $105,970. This is not just a number; it’s a financial burden that affects us all in some way at one time or another.
In summary, the rising national debt and the increasing interest expenses pose a significant challenge for the U.S. economy and its citizens. With the current national debt exceeding $36 trillion and interest payments taking up a substantial portion of the federal budget, it’s clear that this issue impacts everyone. As the government navigates budget discussions for the upcoming years, understanding the collective responsibility we share as taxpayers is crucial. The per-person debt obligation serves as a sobering reminder of the financial weight we carry, emphasizing the need for responsible fiscal management and informed dialogue about our nation’s economic future. Addressing this debt is not just about numbers; it’s about securing a stable financial landscape for current and future generations.
Sources:
(1) https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/
(2) As of April 2025 it costs $684 billion to maintain the debt, which is 16% of the total federal spendingin fiscal year 2025.
(3) https://fiscaldata.treasury.gov/interest-expense-avg-interest-rates/ pdf
(4) https://www.usaspending.gov/explorer/budget_function
(6) https://www.census.gov/popclock/
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
