Anna Helhoski

Does it also seem likely that there'll be a surge in demand over the next few weeks that could also increase prices?

So there's still uncertainty ahead. Trump has ordered tariffs, then pulled them back time and again. Then again, this one might stick. So the big question is, should people buy a car now?

So there's still uncertainty ahead. Trump has ordered tariffs, then pulled them back time and again. Then again, this one might stick. So the big question is, should people buy a car now?

So there's still uncertainty ahead. Trump has ordered tariffs, then pulled them back time and again. Then again, this one might stick. So the big question is, should people buy a car now?

Thanks for walking us through that, Shannon.

Thanks for walking us through that, Shannon.

Thanks for walking us through that, Shannon.

It's kind of unbelievable, but let's start with what the national debt is, and then I'll explain how we got to where we are now. So the national debt is the sum total of all the money the United States government has borrowed but has not yet repaid. Like you and me, the government earns and spends money. But of course, its earning and spending is pretty different than ours.

It's kind of unbelievable, but let's start with what the national debt is, and then I'll explain how we got to where we are now. So the national debt is the sum total of all the money the United States government has borrowed but has not yet repaid. Like you and me, the government earns and spends money. But of course, its earning and spending is pretty different than ours.

It's kind of unbelievable, but let's start with what the national debt is, and then I'll explain how we got to where we are now. So the national debt is the sum total of all the money the United States government has borrowed but has not yet repaid. Like you and me, the government earns and spends money. But of course, its earning and spending is pretty different than ours.

The majority of the federal government's earnings are made through tax revenue, and it spends money on programs and services for U.S. citizens. And like most debts, it has to pay the interest, too. As you mentioned, the total national debt right now is $36.2 trillion. But that's the kind of number that is so enormous that it practically loses its meaning. It feels too big to comprehend. Exactly.

The majority of the federal government's earnings are made through tax revenue, and it spends money on programs and services for U.S. citizens. And like most debts, it has to pay the interest, too. As you mentioned, the total national debt right now is $36.2 trillion. But that's the kind of number that is so enormous that it practically loses its meaning. It feels too big to comprehend. Exactly.

The majority of the federal government's earnings are made through tax revenue, and it spends money on programs and services for U.S. citizens. And like most debts, it has to pay the interest, too. As you mentioned, the total national debt right now is $36.2 trillion. But that's the kind of number that is so enormous that it practically loses its meaning. It feels too big to comprehend. Exactly.

And when you break down that number by how much money it owes per citizen, it's around $106,000. That's maybe a little bit easier to wrap your head around, but it's not the way that economists prefer to think about the national debt. Instead, they compare the total debt against economic growth, also known as gross domestic product, to find out what the nation's ability to repay our debt is.

And when you break down that number by how much money it owes per citizen, it's around $106,000. That's maybe a little bit easier to wrap your head around, but it's not the way that economists prefer to think about the national debt. Instead, they compare the total debt against economic growth, also known as gross domestic product, to find out what the nation's ability to repay our debt is.

And when you break down that number by how much money it owes per citizen, it's around $106,000. That's maybe a little bit easier to wrap your head around, but it's not the way that economists prefer to think about the national debt. Instead, they compare the total debt against economic growth, also known as gross domestic product, to find out what the nation's ability to repay our debt is.

In other words, our debt-to-GDP ratio. At the end of fiscal year 2024, the U.S. had a debt-to-GDP ratio of 123%, which means the debt we owe is roughly 123% of our annual growth.

In other words, our debt-to-GDP ratio. At the end of fiscal year 2024, the U.S. had a debt-to-GDP ratio of 123%, which means the debt we owe is roughly 123% of our annual growth.

In other words, our debt-to-GDP ratio. At the end of fiscal year 2024, the U.S. had a debt-to-GDP ratio of 123%, which means the debt we owe is roughly 123% of our annual growth.

So the national debt grows when the government spending and interest expenses grow faster than revenue can offset. Increased spending, along with tax cuts, have led to where we are now. Now, going way back in U.S. history, we've often seen national debt spikes during wars, the Revolutionary War, Civil War, World War I, and World War II.