As of November 2019, federal debt held by the public was $17.26 trillion and intragovernmental holdings were

$5.9 trillion, for a total national debt of $23.16 trillion.^[5] At the end of 2018, debt held by the public was

approximately 76.4% of GDP,^[6][7] and approximately 29% of the debt held by the public was owned by

foreigners.^[8] The United States has the largest external debt in the world. In 2017, the US debt-to-GDP

ratio was ranked 43rd highest out of 207 countries.^[9] The Congressional Budget Office forecast in April

2018 that debt held by the public will rise to nearly 100% of GDP by 2028, perhaps higher if current

policies are extended beyond their scheduled expiration date.^{[10]  - wikipedia}

Nixon had to declare "dollar standard " unilaterally abandoning the traditional gold standard

because the U.S. could not fund the Vietnam War. Since then the U.S. could print the money without

reserving gold. In other words, it is a lot easier to borrow - treasury bills. 
 

The budget deficits every year increase because Congress rubber stamps welfare budget 

to sugar coat constituents and defense industry lobbyists manipulate Congress with 

campaign contributions from the industry. I am not sure why U. S. is running wasteful 

useless wars continuously even though it is failing every time. War funding contributes 

to national debt big time. 
 

Even though the effect of wars is potentially detrimental to the fate of the nation, U.S. citizens 

are not really concerned. Why? Another thing that our dear president Nixon did was changing 

the recruiting system from the draft system to the volunteer system. Probably it was intended to calm down

antiwar demonstrations. Consequently, the war became volunteer's war, not the citizen's.

"My daughters and sons are not involved and I do not care" That is a citizen's attitude toward the war. 
'The wars went on forever without the public's awareness about it. Afghan war continued nearly 20

years and U. S. has not identified the exact enemy whom they are fighting against. The majority 

of Americans do not care. 
 

Unfortunately, the Korean government is planning to employ a volunteer system instead of a draft system. 
It is a foolish idea based on populism. The draft system is essential for the just war and strong 

defense. It is a bitter pill for the young man, but good medicine is always bitter. 

https://apple.news/AEdp9csD7Qgm-pjldCfai-A

Deficit balloons to $356.6 billion in first quarter of fiscal year

Details: The federal government spent the most on national defense, Medicare and social security,

all of which rose from the prior fiscal year. Spending for Medicare and social security is expected to continue

rising as the aging population grows.

Increases in those categories obscured higher receipts from corporate income taxes, which grew 23% to

$65 billion, and individual taxes, which were up 3% at $385 billion.

Tariffs implemented by President Trump on China and other countries also brought in $21 billion from

U.S. importers, up almost 20% from the same period last year, per Bloomberg.

* make sure that national debt and budget deficits are two different thing.