In April, the U.S. national debt reached a new record of $34.6 trillion. Over just four years, the total debt has increased by 47%, or $11 trillion. As a result, each U.S. taxpayer now bears $267,000 in federal debt.
If current trends continue, the U.S. debt could double in just eight years, rising from $20 trillion in 2017 to $40 trillion by 2025. If the Federal Reserve keeps interest rates unchanged, the cost of servicing this debt could reach $1.6 trillion by the end of the year.