From $10 Trillion to $35 Trillion: How Government Spending Has Spiraled Out of Control

Over the last 30 years, the nation's debt has skyrocketed from almost $10 trillion in 1994 to over $35 trillion in 2024, according to recent data from the Department of the Treasury. The federal government had a $1.83 trillion deficit in the past fiscal year alone. And this isn't a new trend. 

Many Americans are concerned about the nation's debt and how it is eating into areas meant to help U.S. citizens, such as Social Security, Medicare and other welfare efforts. 

So, how has government spending gotten so bad? Understanding this requires a closer look at the federal government's revenue, spending, deficits and debt. 

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To put things into perspective, over the past 100 years, the U.S. has consistently been in debt. In 1924, the federal debt was $394 billion and hovered around that amount for 20 years. Then, it jumped during World War II and hovered around $3 trillion for another 40 years. But it has snowballed over the last few decades into seemingly unmanageable scopes. 

In fiscal year 2024, the government collected $4.92 trillion in revenue, slightly up from $4.44 trillion in 2023. Despite this increase, federal spending is outpacing the money coming in. In 2024, the government has spent $6.75 trillion, leaving the nation with a $1.83 trillion deficit in just one year. These deficits force the government to borrow more yearly, increasing the nation's growing debt. 

With the nation's debt now more than $35 trillion, this rapid growth raises questions about the country’s long-term financial stability. 

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The debt's expansion has real consequences. Interest on the debt is becoming a significant part of federal spending. In 2024, the government spent hundreds of billions on interest payments, reducing the funds available for other critical areas like infrastructure, education and health care.

All of this raises another question: what is being done about it? 

As the national debt grows, policymakers will have to face difficult choices. Do they cut essential programs? This could get some serious backlash from citizens. Do they raise taxes? Experts argue that this could hamper economic growth. 

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Coming up on the presidential election, it doesn't seem like either running party is focusing on the debt. A report from the nonpartisan Committee for a Responsible Federal Budget (CRFB) projects that both parties will further increase the deficits. They predict that by 2035, Vice President Kamala Harris' campaign plans will have a fiscal impact of $3.5 trillion, while former President Donald Trump's campaign's fiscal impact would be $7.5 trillion. 

Both parties focus on shorter-term solutions that may provide immediate fixes, but ultimately, will they help in the long run? At this point, it's difficult to tell. 

As citizens, we must stay informed and engage in these discussions to understand how the continuing national debt will impact us and future generations. Advocating for fiscal responsibility and transparent government spending is essential in steering the nation toward a more stable financial future.

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