Question

Define the term National Debt. As of 2017 what was the nation's National Debt? How much is of that (in dollars) is shared by each man, woman and child in America? What generation (approximate ages of Americans today) will be responsible for paying back most of that debt?

Answer 1

The national debt is the public and intra governmental debt owed by the federal government.

It is also called sovereign debt, country debt, or government debt. The federal government adds to the debt whenever it spends more than it receives in tax revenue.

Each year's budget deficit gets added to the debt.

Let's us know about what is meant by national debt, The national debt is simply the net accumulation of the federal government's annual budget deficits.

It is the total amount of money that the U.S. federal government owes to its creditors. To make an analogy, fiscal,budget,deficits are the trees, and federal debt is the forest.

If the national debt were divided among every person in the U.s,

Each of us would owe more than $67,000. Although those numbers are staggering, they are projected to get worse. The CBO's latest budget and economic projections estimate that over the next decade the country will add another $12.2 trillion in debt.

As per some of the recent survey we can say that,The U.S. federal government's debt load hit another milestone this month It's now a record $22 trillion in nominal terms. That's $67,000 for every man, woman and child living in the U.S.  

we can say also add some recent information about this base on some survey held that is,As of November 1, 2019, the official debt of the United States government is $23.0 trillion ($22,953,224,244,019). This amounts to  $69,572 for every person living in the U.S $179,904 for every household in the U.S.

Different generations have different  for paying back most of that debt like Gen X (ages 35-49): $39,000 source of debt: They account for about 32 percent of the members of this age group typically owe, the survey finds. Credit card debt is the source, while car loans and education debt tie for around 7 percent each.

Baby boomers (age 50+): $36,000

Gen X (ages 35-49): $39,000

Older millennials (ages 25-34): $42,000

Gen Z & younger millennials (ages 18-24): $22,000

These are the some of the additional information about give data,This tells about different ages have different nation's National Debt.