As of 4/1/2021,fiscaldata.treasury.gov, shows a United States national debt of $28,081,128,042,930.95, of which $21,971,261,601,025.54 of that debt is the responsibility of the people that are the citizens of this great nation. Further, as reported by bls.gov, as of March 2021, our civilian labor force consisted of 150,493,000 persons that were employed. So that, a fair analysis of how much debt is held by each person so employed at the present time would give us the figure of $145,995, that each of those so employed is indebted to the national government to on an individual basis. Further to the point, despite historically low interest rates, the interest so charged upon the debt that the United States currently has, was as reported by cbo.gov, $345 billion for fiscal year, 2020, so that just the interest expense so being accumulated per worker, would amount to $2,292 just to service the debt, yearly, without any of that money being even applied against the principal, so of.
All of the above is a fair reflection of the amount of debt that this nation has accumulated, and of which, in order for the United States to ever become fiscally responsible again, so as to subsequently run balanced budgets without having any debt, at all, would necessitate the repayment of those monies of that debt, so accumulated over the years being paid off. What is most troubling to those that make up this country is the sheer size of the debt so incurred, of which, for anyone that has ever had mortgage debt, auto loan debt, student debt, credit card debt, or debt of any sort, one must recognize that payments made towards that specific debt are thereby payments not being made or purchases not enacted for the consumption of items needed or desired, or of entertainment or to make investments in those things of personal interest, for financial gain, or need.
In other words, there are many problems with too much debt, of which one of those problems is that it costs real money to borrow money; as well as there is also the fundamental problem that monies being utilized to pay off debt, is therefore money that cannot be utilized to improve one's own life, or to purchase that which one desires or has a need to have. This thus signifies that huge debt loads are going to slow down economic growth because those that do not have the ready means to purchase that which they would be inclined to purchase, do not thereby make those purchases, no matter how advantageous the price may appear to be.
So that, all those that do not keep their fiscal house in order, are going to, sooner or later, have to pay the piper or invariably fall into insolvency of some sort, of which the most troubling aspect of America's national debt, is how fast and how much that debt has accelerated in the 21st century, which is probably indicative that those that should be diligently guarding the national henhouse are clearly not those that have the best interests of this country in mind, but rather are the proverbial foxes that are trying to get what they can get, while the getting is still good, leaving those that are the general public, to suffer the terrible consequences of monetary collapse.