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The U.S. national debt is sitting at nearly $33 trillion dollars.
Every year since 2001, the U.S. government has spent more money than it takes in, which means it has to borrow money to make up for the difference.
“Debt has many useful purposes,” said Kris Mitchener, professor of economics at the Leavey School of Business at Santa Clara University. “The public debt has always been used for emergencies. It’s easier to finance by borrowing than to burden the current generation with taxes.”
The national debt increased by more than 89% since the beginning of the pandemic, with many top economists in agreement that 2020 was not the time to worry about the debt.