What does it mean that the U.S. is $31 Trillion in debt?

Question

To whom? When did we start keeping track? What does it practically mean as I image it will never be paid back?

In: Economics

Answer 1

Mostly to American retirement plans and governments, along with the federal reserve. It’s comes from spending more than the government takes in. The big problem is not that it’s over 30 trillion, the big problem is that the interest payments are growing very large. Currently it’s just about what the feds spend on defense, which is a very large number.