March 1, 1993

Washington’s Largest Monument: The National Debt

Download Special Report No. 17

Special Report No. 17

Executive Summary At the end of 1992, federal, state, and local governments had accumulated total credit market debt of $3.81 trillion, representing $15,117 in additional future taxes for each person in the United States. The federal government was responsible for $2.89 trillion of this total, while state and local governments added $917 billion to the debt load.

A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.