Under former President Joe Biden and his absurd inflationary policies and President Donald Trump and his spasmodic tariff obsession, the cost of living has continued to rise while the federal government has continued to drag the people into what feels like insurmountable debt.
Thanks to a decadeslong spending spree that would put even the most dedicated shopaholic to shame, the U.S. national debt has reached $38.3 trillion and counting, amounting to a debt per citizen of $111,503 and a debt per taxpayer of $329,022. It is 121% of the country’s gross domestic product.
Our debt is larger than the entire American economy, with interest on this mountain of chaos rising well above $968 billion annually, outpaced only by defense, Social Security, and Medicare and Medicaid on the federal budget item list.
The country is blissfully drifting toward a cliff, and the fury of every single American should be far harder to suppress than with nonsensical promises of $2,000 tariff-payback checks. But could it also be true that the federal government, rather than being out of control in isolation, actually mirrors our society, a society that is also drowning in debt?
According to the Federal Reserve Bank of New York, in the third quarter of 2025, total household debt hit $18.59 trillion. Mortgage balances grew by $137 billion to a total of $13.07 trillion, and balances on home equity lines of credit rose by $11 billion to reach $422 billion in outstanding balances. Credit card debt rose by $24 billion and now sits at $1.23 trillion. Americans face $1.66 trillion in auto loan debt. Add another $550 billion in further debt (including retail cards and consumer finance loans) and $1.65 trillion of student loan balances, and the people are buried by two mounds of debt: one built by the federal government and one we made ourselves.
In our political environment, people living “paycheck to paycheck” are routinely referenced as proof of the economic struggles caused by the party in charge. But while there are many reasons for the real economic difficulties facing millions of people, with many of these reasons being completely out of their control, is it not also a problem that paychecks are used as a gauge for the exact amount of spending each person can afford?
People do everything they can to squeeze as much spending as possible out of each paycheck, leveraging credit cards, car loans, and perhaps even 50-year mortgages to get a monthly payment that squeaks below their limit, with no view for the interest-laden consequences tomorrow. And we’re surprised that the federal government is playing fast and loose with just another credit card?
It’s time to pump the brakes as a country and understand that $1.65 trillion in student loan debt means that students can’t afford their college decisions; $1.23 trillion in credit card debt means that shoppers can’t afford their purchases; $1.66 trillion in auto loan debt means drivers can’t afford those new cars; and $18.59 trillion in mortgage debt means Americans can’t afford their homes.
And as millions of Americans default on these absurd loans, perhaps we should look in the mirror before we look to Washington.
Ian Haworth is a syndicated columnist. Follow him on X (@ighaworth) or Substack.