True National Debt Exceeds $123 Trillion, or Nearly $800,000 per Taxpayer: Report

A man waits at a bus stop that displays the official national debt of the United States in Washington on June 19, 2020. The nonprofit Truth in Accounting says the actual national debt is more than four times the official figure. Olivier Douliery/AFP via Getty Images

America’s national debt now exceeds $123 trillion, according to a new report, or more than four times the official figure of $28 trillion, as calculated by the U.S. Treasury Department at the end of March.

Federal spending related to the CCP virus pandemic and economic lockdown added nearly $10 trillion to the total in 2020, according to the latest edition of the “Financial State of the Union 2021” report, compiled and published annually by Chicago-based nonprofit Truth in Accounting (TIA).