US national debt reaches $ 23,4 trillion: what it consists of
US public debt, usually one of the first places in the ranking of public concern, has faded into the background as the nation has paid close attention to the 2020 presidential election, writes Fox News.
Photo: Shutterstock
As of early March 2020, the total US national debt is about $23,4 trillion—more than 100% of the country's total gross domestic product.
Debt is divided into two categories: domestic and public.
Domestic debt refers to the debt of the US Treasury to other federal agencies, such as the Social Security Trust Fund. It accounts for almost 6 trillion dollars, or about 26% of the total debt.
On the subject: How the dollar has withstood the gigantic public debt and US budget deficit for decades
Other major agencies that are related to this debt include the Federal Disability Insurance Trust Fund, the Staff Pension Office, and the Military Pension Fund.
Another type of debt, public debt, is debt owed to individuals, businesses and, in some cases, other governments. It accounts for more than $17 trillion (about 74%) of the country's total debt.
Despite promises by Democratic and Republican administrations to cut public debt, it continues to grow.
According to Business Insider, US President Donald Trump added about $ 3 trillion to government debt over the three years of his reign, which is less than the $ 4,3 trillion that US President Barack Obama added over the same time period.
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