US debt soars nearly $1.4 trillion from last Christmas, rising $44,000 per second

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US debt soars nearly $1.4 trillion from last Christmas, rising $44,000 per second

The year-on-year surge in US sovereign debt has totaled $1.37 trillion, the latest data released by the US Treasury Department shows.

The national debt reportedly rose to $21,863,635,176,724.12 as of December 20 of the current year compared to $20,492,874,492,282.58 on December 25, 2017.

The current US population stands at 328,082,386 according to the December statistics produced by the Census Bureau, a unit of the US Department of Commerce. Rough calculations show that Christmas-to-Christmas growth in the federal debt equals approximately $4,178.10 per average US citizen.

According to Census Bureau estimates, there were 127,586,000 households in the country in 2018, which means that an average American family owes some $10,743.82.

Moreover, since the end of the last fiscal year through December 20, the federal government added some $340 billion to the country’s sovereign debt. That means the debt had been skyrocketing at around $3.8 billion per day, or nearly $44,000 per second.

US debt is expected to hit $22 trillion in the near future and the ongoing government spending will drive the debt to $33 trillion within a decade.