Summary

U.S. debt hawks frequently warn that while the nation’s $40 trillion national debt is managed by policymakers, it is ultimately financed by the public. Congress’s Joint Economic Committee (JEC) has put a figure on that burden: Gross national debt now amounts to $117,279 per person. In its monthly budget update , the committee calculated how fast public debt is growing: According to data compiled by the committee’s chairman, David Schweikert, debt has increased by $85,111.72 per second over the past year.

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