Last month the U.S. debt hit $38 trillion:
In the midst of a federal government shutdown, the U.S. government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet.
It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year.
The $38 trillion update is found in the latest Treasury Department report, which logs the nation’s daily finances.
According to some, the reason there's that much debt is that billionaires and even millionaires aren't "paying their fair share":
One of the biggest reasons the federal debt has exploded is that tax cuts on the rich have reduced government revenue.
— Robert Reich (@RBReich) January 31, 2023
The 400 richest American families paid a tax rate of 3.4 percent between 2014-2018, while the rest of America paid an average tax rate of 13.3 percent.
Hello?
The problem isn’t government waste. The problem is that billionaires don’t pay taxes.
— Timothy Snyder (@TimothyDSnyder) November 27, 2024
Let me share a little secret: America doesn't have $38 trillion in debt because Americans get Social Security and Medicare. It's because billionaires and millionaires aren't paying their fair share in taxes. It's that simple.
— Brad (@BraddrofliT) October 31, 2025
Is that so?
Carol Roth has some info that sinks those claims and points out that the U.S. government has a spending problem, not a revenue shortfall because of ultra-rich "greed" and a lack of "fair" taxation:
Brad is bad at math or good at lying. The real secret is govt overspending. Simple.
— Carol Roth (@caroljsroth) November 1, 2025
The top 1% of earners pay nearly 46% of income taxes paid; the top 10% pay nearly 76%. The bottom 50% pay less than 3%.
The govt takes in $5 trillion/yr, > the GDP of every country ex-US/China https://t.co/Affkzdwfm3 pic.twitter.com/VpIjjqh36N
Bingo!
It’s almost like taking in $5 Trillion, but spending $7 Trillion creates debt.
— The Doctor (@TennantRob) November 1, 2025
It’s not an income problem, it’s a spending crisis.
It’s not sustainable.
Why do so many people blindly fall for this talking point about millionaires and billionaires not paying their share? 🤔
— Joe Ziskey (@JZiskey) November 1, 2025
The Left playing the class warfare game is a time-honored tactic that unfortunately a lot of people fall for.
*****