The US Department of the Treasury has introduced a new opportunity for Americans to donate toward reducing the national debt, now at $36.7 trillion.
New Donation Opportunity
The US Treasury has added a feature allowing users of Venmo and PayPal to make voluntary contributions. This option has been included in the "Gifts to Reduce the Public Debt" program, which has existed since 1996. The inclusion of this payment method garnered significant attention after being reported by NPR.
Debt Growth since 2010
Since 2010, the US national debt has surged by 87%, amounting to $19.59 trillion. The Treasury has warned about the risks associated with rising deficits. According to the Joint Economic Committee of Congress, the total debt grew nearly $55,000 every second over the past year. Many experts believe that individual donations are unlikely to significantly impact the country's financial situation. Shawn French, host of "The Determined Society" podcast, remarked: "If every American donated $1,000 it still wouldn’t make a meaningful dent."
Legislation Conclusion
The recently passed 'Big, Beautiful Bill' signed by President Donald Trump is projected to increase the national debt by $3.4 trillion over the next decade. This has drawn criticism from economists, including Elon Musk, who called it fiscally reckless. The Congressional Budget Office has indicated that over 10 million Americans will be uninsured under the provisions of the new law.
The proposed donation option, while voluntary, raises questions about the feasibility and effectiveness of such an approach to reduce the national debt.
