First, we're digging into debt and deficit.
Both are growing in the United States, but where do the national debt and deficit come from? And what's the difference?
Here's cnn Jon Sarlin with more.
America lives on borrowed money. That's why the term debt and deficit get thrown around so much.
Let's first start with our definitions.
In a given year, a country will raise money through taxes and spend money on everything that a government spends money on.
If it spends more than it takes in, the difference is called a deficit.
And the government has to borrow money to pay for it.
Now, this leads us to debt and not just any debt, but the debt.
The debt is the total sum of government owes.
In other words, a deficit is your dirty dish from last night. The debt is your sink.
In the United States, our budget deficit has recently soared reaching $1.7 trillion in the most recent fiscal year.
That's a 23% increase from the previous year.
To give you some perspective, the richest man in America, Elon Musk is worth $180 billion, according to Forbes, nowhere near the U.S. deficit.
How much is a trillion dollars?
Well, if you were to stack $1 bills on top of each other, 1 trillion of them would reach nearly 68,000 miles high.
That would be into outer space, almost a third of the way to the moon.
So what's happening?
According to a lead U.S. economist Bernard Yaros, more than 40% of the recent increase in our national deficit can be attributed to lower revenues from taxes, more spending on programs such as social security and Medicare also playing a part.
As for our current national debt, it's well over $30 trillion.
Check out this interactive article on cnn's website.
Writer Tami Luhby compares U.S. debt to snow.
Starting with this small snowball in 1922, it represents $408 billion.
Over the years, the debt snowball kept growing, literally snowballing passing $10 trillion in 1998, and $30 trillion by the end of 2022, as the U.S. government spent more money than it collected.
The article puts that growing debt into perspective with this graph and breaks down the government's spending for the fiscal year 2022, $6.27 trillion.
You can take some time to scroll through the article yourself to learn more about the deficit and debt.
We'll leave a link under this episode on our YouTube channel.