Donald Trump is set to take office as the President of the United States for the second time in January 2025 after a decisive electoral win. However, his victory comes with an enormous challenge—the ballooning national debt of the United States. As of now, the U.S. national debt stands at a staggering $36 trillion, with every American citizen carrying a debt burden of over $100,000 (₹84 lakh).
The U.S. Treasury Department’s latest data paints a grim picture of rising financial strain. In just four months, the debt has surged by $1 trillion, growing at an annual pace of $3 trillion.
Rising Interest Payments Add to Financial Stress
The growing debt has pushed America deeper into a fiscal crisis. The government now spends $1 trillion annually on interest payments alone. This amount surpasses U.S. expenditures on critical sectors like defense, infrastructure, education, and healthcare.
Such massive interest payments mean the U.S. government is left with fewer funds for social welfare programs, creating a ripple effect on the economy and citizens’ lives.
Why is the Debt Increasing?
The roots of this debt crisis stretch across multiple administrations. Wasteful spending by successive governments has continuously pushed the U.S. further into debt.
- During Joe Biden’s Tenure:
The national debt increased by $9 trillion, rising from $26.9 trillion to $36 trillion. - Under Trump’s First Term:
The debt grew from $19 trillion to $27 trillion, despite promises to reduce it.
While the debt has been rising for decades, recent factors such as pandemic-related expenditures, stimulus packages, and increased federal spending have accelerated the problem.
Taxpayers to Bear the Burden
The rising debt has serious implications for American taxpayers. To manage the fiscal deficit, the government may have to:
- Increase Taxes: Citizens may face higher tax rates to cover interest payments and reduce debt.
- Cut Expenditures: Programs for education, healthcare, and social security could see significant budget cuts.
This fiscal strain resembles levels last seen during the aftermath of World War II, highlighting the severity of the crisis.
Trump’s Policies Could Exacerbate the Debt
One of Trump’s campaign promises—deporting illegal immigrants—might intensify the financial challenge. Implementing such large-scale deportations would require billions of dollars, further burdening the federal budget. Experts believe that addressing this growing debt would require cutting at least $8 trillion in spending, a task that demands tough decisions and long-term planning.
The national debt crisis is poised to be one of the biggest challenges of Trump’s second term. His administration’s ability to manage the fiscal imbalance will have far-reaching consequences for the country’s economy and its citizens.
