America's national debt has surged past $40 trillion, a sum so vast it rivals the combined economic output of several major global economies and dwarfs the value of all gold ever mined. This figure represents a quadrupling of the debt since the 2008 Great Recession, growing from approximately $10 trillion to over $40.05 trillion by 2026.
If the national debt were converted into $1 bills and stacked end-to-end, the column would reach the moon and back nearly six times. The current debt also exceeds the combined gross domestic product of China, Germany, Japan, the United Kingdom, India, and France. Each American, including infants, is responsible for an estimated $117,000 of this debt, a sum that would take the average American worker over 573 million years to earn.
The debt has grown under every president since Ronald Reagan. During Reagan's administration, the debt rose by $1.76 trillion, a 189% increase. Subsequent increases include $1.47 trillion under George H.W. Bush, $1.56 trillion under Bill Clinton, $4.9 trillion under George W. Bush, $9.32 trillion under Barack Obama, and $7.8 trillion under President Trump. President Biden has added $8.47 trillion.
In terms of debt as a percentage of GDP, the current figure of 123.5% is higher than the 116% recorded at the end of World War II in 1945. Franklin D. Roosevelt oversaw the largest percentage increase in debt relative to GDP, driven by New Deal programs and wartime spending. The debt-to-GDP ratio had fallen to a low of 31% in 1980 at the beginning of Ronald Reagan's presidency.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, stated that the $40 trillion debt impacts the entire economy and individuals' finances. She noted that increased borrowing can exacerbate inflation, constrain budget priorities, and heighten vulnerability to national and international emergencies.