The U.S. National Debt: Your Questions Answered

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 28 July 2024

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

According to the Treasury Department the U.S. national debt is approaching $35 trillion dollars. But what does that mean for the country and for its people? WSJ’s former executive Washington editor, Jerry Seib joins us to help answer your questions on the U.S. national debt. Charlotte Gartenberg hosts. Further Reading: Will Debt Sink the American Empire? Rising Government Debt Threatens Financial Stability, Inflation, BIS Says How Wall Street Keeps Absorbing America’s Borrowing Binge Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:14.4	slash Wall Street.
0:17.0	Hey what's news listeners it's Sunday July 28th. I'm Charlotte
0:22.3	Artenberg and I'm Charlotte Gartenberg.
0:22.8	And I'm Luke Vargas for the Wall Street Journal.
0:25.6	And this is What's News Sunday, the show where we tackle the big questions
0:29.7	about the biggest stories in the news by reaching out to our colleagues across the newsroom to help explain
0:34.8	what's happening in our world. This week we're talking about US national debt.
0:39.9	According to the Treasury Department, the national debt is approaching $35 trillion.
0:45.7	What does that mean for the country?
0:47.1	It's citizens and the future.
0:48.9	You've got questions.
0:50.3	Let's get to it. The federal government has run a deficit every year since 2001.
0:58.0	Two years ago, the US hit a landmark $30 trillion in debt,
1:02.0	and for the last several years, debt has been higher than the GDP.
1:05.4	A Congressional Budget Office estimate from earlier this year found that the U.S. government
1:09.2	is expected to pay an additional $1.1 trillion in interest over the coming decade.
1:15.4	Interest costs now surpass defense spending.
1:17.8	Only Social Security and Medicare are forecast to be bigger burdens in the coming years.
1:22.8	The increase is reviving long-standing worries on Wall Street that the acceleration
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