The United States has a debt of $34 trillion as of November 4, 2023. This means that the US debt-to-GDP ratio is 136%, which is higher than the global average of 95.5%.
While the US debt-to-GDP ratio is high, it is important to note that the US is a unique case. The US has the world's largest economy and is considered to be a very creditworthy borrower. As a result, the US is able to borrow money at very low interest rates.
The US government uses debt to finance a variety of programs, including Social Security, Medicare, and national defense. The US also uses debt to finance infrastructure projects and to stimulate the economy during economic downturns.
While the US debt-to-GDP ratio is high, there is no consensus among economists on whether it is sustainable. Some economists argue that the US debt is too high and that it could eventually lead to a financial crisis. Other economists argue that the US debt is sustainable and that the US government will be able to repay it over time.
The US government is currently taking steps to reduce the federal budget deficit. However, it is unclear whether these steps will be successful in reducing the US debt-to-GDP ratio.
Overall, the US debt is a complex issue with no easy answers. It is important to weigh the risks and benefits of US debt before making any conclusions about its sustainability.