Debt Explodes in Trump Era, Each US Citizen Now Bears Rp2 Billion

The United States national debt is mounting rapidly, reaching unprecedented levels. Data from the U.S. Treasury’s ‘Debt to the Penny’ shows that US government debt reached US$40.074 trillion on 9 September 2026, equivalent to Rp702.502 trillion (assuming an exchange rate of Rp17,530/US$1). This figure is comprised of US$32.39 trillion held by the public and US$7.69 trillion in intra-governmental obligations.

US debt increased by approximately US$1 trillion in just five months. In March 2026, the total had only just breached US$39 trillion. Five months later, the figure had surpassed US$40 trillion. This surge occurred as the government had to finance various large-scale agendas, ranging from tax cuts, social security programmes, and interest payments on debt, to defence spending amidst the US-Israel-Iran conflict.

The scale of the debt becomes even more apparent when compared to the US population. The U.S. Census Bureau estimates the US population reached approximately 342.62 million people by July 2026. If the total debt is divided equally across the population, the value reaches approximately US$116,964, or Rp2.05 billion per person. Mathematically, every US citizen carries a share of government debt worth more than Rp2 billion. This same amount is statistically attached to every newborn baby.

This calculation does not imply a bill that must be paid directly by each individual. The government meets its obligations using national revenue, primarily taxes, while issuing new debt securities to replace maturing obligations.

Debt accelerates rapidly during Trump’s second term. Donald Trump returned to the White House promising to cut government wasteful spending. However, US debt has actually increased at high speed since the start of his second term. Prior to Trump’s inauguration on 20 January 2025, total US government debt was recorded at US$36.207 trillion. Consequently, US government debt increased by approximately US$3.868 trillion during the first 20 months of the Trump administration, representing a 10.68% increase compared to the pre-inauguration position.

Converted to rupiah, this additional debt amounts to approximately Rp67.801 trillion, a value more than ten times the annual Gross Domestic Product of Indonesia. From Trump’s inauguration until 9 September 2026, there was a span of approximately 597 days. During this period, US government debt increased by an average of US$6.48 billion, or about Rp113.6 trillion, every single day. This rate is far faster than at the beginning of Trump’s first term.

Before Trump’s inauguration in January 2017, US government debt was around US$19.944 trillion. Approximately 20 months later, in September 2018, the value rose to US$21.460 trillion. Debt during that period increased by about US$1.515 trillion. The increase during the early phase of Trump’s second term is now approximately 2.5 times higher than the same phase of his first administration.

Trump is not the sole cause of this mountain of debt. The scale of US government obligations is an accumulation of policies from many administrations, including Covid-19 pandemic financing, tax cuts, increased social spending, military operations, and interest payments. However, fiscal policies in Trump’s second term continue to add pressure. The government has maintained tax cuts while simultaneously increasing defence and security budgets, even as spending on mandatory programmes continues to rise.

The US once nearly had no debt. The nation’s fiscal position is vastly different from nearly two centuries ago. The country approached a debt-free condition before eventually becoming the world’s largest borrower. In 1825, US government debt was recorded at approximately US$83.8 million. President Andrew Jackson then attempted to eliminate all government obligations through import tariffs and the sale of state lands. These efforts reduced US debt to approximately US$34,000 by 1835, the lowest point in the history of US government debt.

However, Jackson’s policies also created other issues. Tightening the banking system and changing land payment rules created financial instability, followed by the Panic of 1837. The era of low debt did not last long. The need for war financing and economic development led the government to seek funds from the markets once again. US debt reached approximately US$2.9 billion in 1914 and surged to US$49 billion when the country entered World War II in 1941. After the war, the government expanded budgets for infrastructure, defence, and social programmes. Debt then rose to US$257 billion in 1950 and US$533 billion in 1975. While debt values continued to rise, strong economic growth following WWII temporarily lowered the debt-to-GDP ratio.

The most significant changes occurred after entering the 21st century. In 2000, US government debt was around US$5.7 trillion. Within approximately 26 years, the amount surged more than sevenfold to US$40.074 trillion. Two major crises accelerated this rise. The 2008 global financial crisis forced the government to inject funds to save the banking system and restore the economy. Before fully recovering from that burden, the Covid-19 pandemic required stimulus on an even larger scale. The government provided aid to households, businesses, local governments, and the healthcare sector. The scale of spending, coupled with weakening tax revenues, widened the budget deficit and increased the need for debt.