Americans are Concerned About Ballooning US National Debt
The national debt passed $40 trillion on August 18, roughly double its level a decade ago.
Americans are increasingly worried about the growing US national debt as they prepare for the upcoming midterm elections in November. According to a survey by the Peter G. Peterson Foundation, 83% of registered voters reported that their concern over the debt has grown over the past few years. In fact, 85% of respondents wanted Congress and President Donald Trump to prioritize addressing the debt more, with 82% considering it among their top three priorities.
The national debt surpassed $40 trillion on August 18, 2021, more than double the $19.5 trillion in 2011.
The debt consists of federal borrowing to cover spending exceeding revenue, with a significant portion owed to investors and government accounts like Social Security's trust funds. Candidates running for office face the challenge of connecting this long-term challenge to the everyday concerns of voters. Nicole Brener-Schmitz, a Democratic strategist, noted that while the national debt may not be the first thing voters think about, it is a major long-term issue that does not directly impact their daily lives.
James Christopher, a political strategist, added that while the debt is a significant problem, it is not necessarily the biggest immediate voting issue. Instead, voters are more concerned about the cost of living, affordability, and the impact on their personal expenses, such as groceries, energy, and housing. Most respondents in the survey, 94%, considered the cost of living important to their vote, with 69% describing it as very important.
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