The statistics of US Debt Clock on Nov 16 displayed US national debts at US$36 trillion1– 122.85% of Gross Domestic Product (GDP) and the highest ever in history.

In January 2024, the US national debts stood at US$34.19 trillion, increasing by US$1.76 trillion to US$35.95 trillion in October 20242. In other words, the national debts rose on average US$17.6 billion per month in 2024. In terms of debt-to-GDP ratio, it means on average 0.6% of increment each month3.

To put the astronomical numbers in perspective, given the US population figure at approximately 337 million4, the US$36 trillion national debts have burdened each American with a debt of nearly US$106,600, while Debt per Tax-paying American reaches US$272,821.

The US federal debt to Gross Domestic Product (GDP) ratio is currently at around 122.85%, compared to the level recorded in 1960 which was just a little more than half of GDP (52.17%). Historically, the debt to GDP ratio dropped in 1980 to 34.71%, then surged again to reach 55.36% in 2000. According to data published by Macrotrends, the 2019 debt-to-GDP ratio stood at 100.12%, 2020 at 124.73% (the highest since 1990), 2021 at 118.89%, and 2022 at 110.39%.

The International Monetary Fund (IMF) warned in June's US economic assessment report that the US government must stop the rising debt-to-GDP ratio as the figure could breach 140% in 2032, a further 17% increase from the current ratio of nearly 123%.

IMF added that the high level of US budget deficit and national debts will pose increasing risk to the US and global economy, potentially causing a rise in financing costs and making it more difficult to extend matured loans.

The US Congressional Budget Office has projected that by 2034, US national debts will surpass US$50 trillion, and the GDP to grow at 1.8% per annum on average from 2029 to 2034.

1. Source: US national debts as on Nov 16: US$36,002,480,963,723 ︎
2. Source: January 2024 national debts: US$34,191,150,000,000; October 2024 national debts: US$35,951,601,000,000 ︎
3. Calculation: US GDP figure is derived from the national debts figure, and debt-to-GDP ratio as at Nov 16, 1:16pm Malaysian local time at US$29.3 trillion (US$36,002,480,963,723 divided by 1.2285). For additional reference: In 2023, current-dollar GDP increased 6.3 percent, or $1.61 trillion, to a level of $27.36 trillion, compared with an increase of 9.1 percent, or $2.15 trillion, in 2022 ( ). ︎
4. Source: US population: 337,418,194 ︎