The U.S. national debt has exceeded $19 trillion, more than $58,000 for each person who lives in the U.S. today including children. The main culprit behind the rising deficits and debt is growing federal spending — especially among Social Security, Medicare, Medicaid, and Obamacare.
Furthermore, the Congressional Budget Office projects that outlays will grow from $3.7 trillion to $6.4 trillion in 2026. Moreover, spending growth’s expected to outpace economic growth, growing from 20.7 percent of gross domestic product to 23.1 percent of GDP by 2026.
Deficits will reach the trillion-dollar level by 2022 and continue growing from there. In total, the federal government’s projected to rack up an additional $9.4 trillion in deficit spending over the next decade and that the debt will be $26.3 trillion by the end of the decade.