National Debt Quiz
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National Debt Quiz
How much do you know about the current national debt crisis?
The United States national debt, as a percentage of gross national product, is greater than at any time in history. But few people know the true scale of the national debt, and what can be done to reduce the deficit.
As of September 2022, the total amount of the United States debt is more than:
The total amount of the United States debt is $31.5 trillion and growing.
As government debt increases, so does the amount of interest that it has to pay on the debt. In 2024, the amount of interest the government will have to pay on its debt for just that year is projected to be:
The projected $1 trillion-plus interest on the 2024 debt is a massive increase from the $430 billion interest paid in 2014. Meanwhile, Social Security and Medicare are rapidly approaching insolvency. Simply put, the government cannot mathematically keep up its current path without eventually leading the country to default or excessively high taxation. Either way, excessive public debt sacrifices long-term growth.
The national debt has grown at a steady rate since 1980, due to the control of which party:
Regardless of which party controlled the White House and Congress, national debt has grown steadily since 1980.
4. There was only one year when the United States completely paid off its national debt. Under whose presidency did that happen?
A lot of presidents have presided over balanced budgets, which is when the government takes in more revenue than it spends. But a balanced budget doesn’t necessarily mean no debt, because old debt can carry over from previous years. Jackson was, in fact, the only president to preside over a total elimination of all remaining debt while having a balanced budget.
One of the most significant ways that national debt affects the economy is:
Allowing Congress to overburden citizens with debt in the present means that the next generation will have to come to terms with paying off trillions of dollars in debt. Instead of putting money into projects that grow the economy (job creation, investments, and savings) future taxpaying adults face the risk of higher tax rates, higher inflation, and a severe brake on economic growth.
The only pro-growth solution to America’s massive debt crisis is:
Ultimately, national debt is driven by an unhealthy addiction to spending. Tax increases have been suggested as a solution to reducing the national debt, but such proposals would just hurt our already weakened economy. America is deeply in debt because politicians spend too much, not because families and businesses are taxed too little.