The national debt today refers to the total amount of money that the U.S. government owes to individuals, businesses, and other countries. As of August 2023, the national debt is over $30 trillion, which means that the government owes more than $30 trillion to its creditors. The national debt has been growing steadily for decades, and it is now at its highest level in history.
The national debt is important because it can have a significant impact on the economy. A high national debt can lead to higher interest rates, which can make it more expensive for businesses to borrow money and invest. This can slow economic growth and lead to job losses. Additionally, a high national debt can make it more difficult for the government to respond to economic downturns or other emergencies.