U.S. national debt increased by $5.1 million a minute over the past year—that’s $117,279 for every American

U.S. debt hawks frequently warn that while the nation’s $40 trillion national debt is managed by policymakers, it is ultimately financed by the public. Congress’s Joint Economic Committee (JEC) has put a figure on that burden: Gross national debt now amounts to $117,279 per person.In its monthly budget update, the committee calculated how fast public debt is growing: According to data compiled by the committee’s chairman, David Schweikert, debt has increased by $85,111.72 per second over the past year.The JEC reported that gross national debt is $2.67 trillion higher relative to the same period last year, and $11.68 trillion greater than five years ago. If the current average daily rate of growth over the past three years continues, the report adds, the U.S. will hit $41 trillion in debt by mid-January. After that, an increase of another trillion dollars would be hit after 151 days—approximately June 2027.

On a more granular breakdown, the rate of debt........

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