Who Holds the Recklessly Ballooning US National Debt of $34.7 Trillion?

By Wolf Richter for WOLF STREET

The US national debt – now $34.7 trillion, up from $23.3 trillion in January 2020, and from $27.6 trillion in January 2021 – has spiked so fast that it would make our eyes water with disbelief, if we didn’t know better. Over the four years and five months since January 2020, it has spiked by $11.4 trillion. Since the pandemic trough, the economy has been growing rapidly, yet trillions were flying by so fast it’s hard to see them. We don’t even want to imagine what this will look like during the next recession.