Why does the US have so much debt

Five charts to start your day

The US national debt now tops 36 trillion dollars, a staggering number that has grown alongside the country’s economy. Borrowing itself is not always a bad thing – it can fuel growth when used wisely. But as the debt-to-GDP ratio heads over 100 percent, some worry if that borrowing is sustainable.

The pandemic and financial crisis both worsened matters by shrinking GDP and spiking government spending to keep markets and citizens afloat. Massive stimulus cheques and relief programmes propped up households and businesses but left the Treasury with hefty bills. Even though those efforts likely kept recessions from dragging on, they pushed overall debt higher.