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U.S. Debt: Visualizing the $31.4 Trillion Owed in 2023

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The size of U.S. Debt in 2023 visualized using $1 bills

U.S. Debt: Visualizing the $31.4 Trillion Owed in 2023

Can you picture what $31.4 trillion looks like?

The enormity of U.S. government debt is hard for the average person to wrap their head around. For instance, compared to the median U.S. mortgage, the current level of federal debt is 230 million times larger.

In this graphic, Julie Peasley shows how many one-dollar bills it would take to stack up to the total U.S. debt of $31.4 trillion.

How Did U.S. Debt Get So High?

U.S. national debt is how much money the federal government owes to creditors. When the government spends more than it earns, it has a budget deficit and must issue debt in the form of Treasury securities.

The U.S. has run a deficit for the last 20 years, substantially increasing the national debt. In fact, according to the Department of the Treasury, the current debt is $31.4 trillion.

Stacked up in one-dollar bills, the U.S. debt would be equivalent to almost eight of Chicago’s 110-story Willis Tower.

YearOutstanding DebtYear-Over-Year Increase
2023*$31.4T2%
2022$30.9T9%
2021$28.4T6%
2020$26.9T19%
2019$22.7T6%
2018$21.5T6%
2017$20.2T3%
2016$19.6T8%
2015$18.2T2%
2014$17.8T6%
2013$16.7T4%
2012$16.1T9%
2011$14.8T9%
2010$13.6T14%
2009$11.9T19%
2008$10.0T11%
2007$9.0T6%
2006$8.5T7%
2005$7.9T8%
2004$7.4T9%
2003$6.8T9%
2002$6.2T7%
2001$5.8T2%
2000$5.7T0%

Source: Fiscal Data. Debt for 2023 is as of January, with the year-over-year increase reflecting the growth from October 2022 to January 2023. October is the start of the fiscal year for the U.S. government. Debt includes both debt held by the public and intragovernmental holdings.

The last time the government had a surplus was in 2001, when debt rose only 2% due to interest costs. Since then, the largest jumps in U.S. debt have been during the Global Financial Crisis—which saw three straight years of double-digit growth rates—and in 2020 due to trillions of dollars of COVID-19 stimulus.

U.S. federal debt rises during recessions because government revenue, primarily composed of taxes, decreases. At the same time, the government increases spending to help stimulate an economic recovery.

And in today’s case, the U.S. is facing additional financial issues. As the country’s senior population grows and people live longer, this puts pressure on programs that serve older Americans such as Social Security. Healthcare is becoming more expensive and is the second-fastest growing part of the U.S. budget.

The Pros and Cons of Debt

U.S. debt helps fund critical programs for Americans, including retirement and disability benefits, healthcare, economic security, and national defense.

As one example of the impact of these programs, income security nearly halved the percent of the population living below the poverty line in 2019 from 22.8% to 12.2%.

Of course, U.S. debt also comes with challenges. A chief concern is the ability to pay the interest costs on U.S. debt, especially as interest rates rise.

Before rate hikes began, interest costs amounted to 6% of the U.S. budget in the 2021 fiscal year. Fast forward to December 2022, and interest costs amounted to 15% of total government spending since the start of the fiscal year in October.

Addressing the Problem

In January 2023, the U.S. hit its debt ceiling, also known as its borrowing limit. While some countries tie their debt to GDP, the U.S. sets an exact limit in dollar terms.

The government would run out of money to pay its debts this summer if the ceiling is not raised, though policymakers have historically agreed to debt ceiling increases in the past to avoid a default. In 2011, the U.S. narrowly avoided default due to a last-minute debt ceiling negotiation and the country’s credit rating was downgraded as a result.

Tackling U.S. debt is simple in theory: raise taxes or the debt limit, reduce spending, or a combination of all three. However, it’s much more difficult in practice. Which taxes should be raised? Which programs should be cut? What happens the next time the debt limit is reached?

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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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Visualizing the Most Sought-After Entry Level Jobs in 2023

Some jobs need a degree, while others don’t. Here are the top 20 most sought-after entry level jobs with and without a degree.

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most sought after jobs

The Most Sought-After Entry Level Jobs of 2023

In the fast-paced realm of job hunting, staying ahead of the curve is crucial. And if you are an entry-level job applicant, the pressure is a notch higher.

New entrants in any job market today compete with groundbreaking technology like ChatGPT in addition to their peers. In the United States, these applicants have to also wade through an uncertain labor market, inflation, and long lists of job requirements.

Indeed.com has identified the most sought-after entry level positions for applicants both with and without a degree in the U.S., and the year-on-year growth of these job postings.

Most Sought-After Entry-Level Jobs With a Degree

As the U.S. job market recovers from its pandemic slump, some careers are now booming. This in turn has opened up numerous opportunities for entry-level job applicants.

RankJob TitleAverage Annual SalaryChange in Postings
(2022‒2023)
1Outside Sales Representative$60,000+258%
2Transportation Coordinator$47,500+227%
3Quality Auditor$84,500+131%
4Accounting$52,000+125%
5Tax Preparer$67,500+123%
6Loan Processor$55,000+100%
7Retention Specialist$50,000+100%
8Network Operations Technician$85,500+94%
9Mental Health Manager$42,000+93%
10Speech-Language Pathologist$60,000+84%
11Geotechnical Engineer$65,000+80%
12Patient Access Manager$90,000+77%
13HR Coordinator$67,500+75%
14Lead Generation Specialist$62,500+73%
15Design Coordinator$55,000+73%
16Pharmaceutical Sales Representative$74,378+71%
17Behavioral Therapist$50,000+68%
18Special Events Coordinator$54,000+67%
19IT Engineer$92,500+67%
20Structural Engineer$90,000+63%

The demand for sales jobs multiplied this year as customer-facing businesses slowly returned to their pre-pandemic levels.

At the top of this list is the job for an Outside Sales Representative. Paying upwards of $60,000, postings for this job have grown by over 250% in a year, making it the most sought-after position for applicants with a degree.

The healthcare industry has secured its place in the top ranks too. Careers including mental health case managers, speech pathologists, behavioral therapists, and patient access managers dominate the Top 20 list.

Let’s not forget about the tech sector. While entry-level network technicians can earn upwards of $85,000 on average, while IT engineers are paid an entry package of over $90,000.

Most Sought-After Entry-Level Jobs Without a Degree

Nearly 65% of the U.S. working population does not have a four-year degree. However, millions of these workers continue to be highly skilled across professions and have a shot at some of the most sought-after entry level jobs in the country.

RankJob TitleAverage Annual SalaryChange in Postings
(2022‒2023)
1Inventory Manager$59,000+189%
2Auto Body Technician$82,500+100%
3Environmental Health and Safety Specialist$65,000+100%
4Salon Manager$41,000+95%
5Drafting Technician$50,000+94%
6Business Analyst$72,500+82%
7Sheet Metal Mechanic$62,140+67%
8Aircraft Maintenance Technician$57,500+64%
9Catering Manager$47,500+56%
10Transportation/Logistics Coordinator$62,500+53%
11Route Sales Representative$50,000+51%
12Rental Agent$45,520+50%
13Distribution Center Coordinator$52,500+47%
14General Maintenance Technician$40,650+46%
15Patient Care Coordinator$43,152+44%
16Forestry Technician$45,760+43%
17Relationship Banker$43,576+43%
18Field Sales Representative$57,018+42%
19Park Ranger$45,912+42%
20Warehouse Receiver$45,000+39%

One example of this job is that of an Inventory Manager. The demand for skilled inventory managers in warehouses and companies post-pandemic has doubled the position’s job share in a year.

One of the highest paying non-degree jobs in this list—Auto Body Technician—can fetch highly-skilled entry-level workers a salary of $82,000 per year.

These jobs don’t seem to require a degree according to Indeed. However, the rising competition for these positions might give the upper edge to applicants with one, especially for jobs on the list such as Business Analyst and Relationship Banker.

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