As of March 2026 total gross debt is about $38.86 trillion with an average daily increase of $6 billion

This total debt is equal to about 96% of the annual Gross Domestic Product (GDP) of the US! Tax cuts imposed by Trump and congress reduced tax revenues and if left in place will allow the national debt to increase dramatically in future years with some estimates showing the national debt growing to 143% of GDP within 10 years. These deficits are non-sustainable and will create massive instability in our economy and overall standard of living, and will force the government to cuts program like social security, medicaid, and medicare - all of which benefit average income people - not the wealthy. We must understand that military spending, medicare, medicaid, and social security represent the majority of all federal spending, so we must understand the impact of a rapidly increasing debt will have on these essential governmental services. We need a comprehensive approach to deal with increasing deficits, with one essential component being taxes on the rich. Increasing taxes on higher-income households, particularly by limiting tax loopholes and preferential treatments, is likely to raise federal revenue and could be an important component of a broader deficit-reduction strategy. However, long-term fiscal stabilization will likely require a combination of revenue increases and spending reforms. And finally, it is important that these issues be addressed sooner than later as the fundamental problems will continue to become more extreme the longer we wait to address the problem.