Imagine paying off a $38 trillion debt with a quick swipe on your phone. The U.S. government is now asking citizens to do just that, rolling out a peculiar plan to tackle the staggering national debt through popular payment apps like Venmo and PayPal.
According to the Daily Mail, the initiative, recently added to the U.S. Department of the Treasury’s website, allows everyday Americans to contribute directly to reducing the national debt using modern payment methods alongside traditional options.
Let’s start at the root of this story. The national debt, a burden that’s been ballooning since 2001 when it stood at $10.3 trillion, has now reached a jaw-dropping $36,721,531,033,602 as of last Friday.
Just in a single day, the debt climbed by another $34.5 billion, per Treasury Department figures. Every year, the gap widens, with federal spending in the 2024 fiscal year hitting nearly $7 trillion while collecting only $5 trillion in revenue.
Historic cash burn rates aren’t helping. In a single month—March—the Treasury spent $286 billion, the largest monthly drawdown in U.S. history. This figure is only slightly topped by the $279 billion spent in August 2021 during the pandemic’s peak.
Now, factor in future projections. Policies like President Donald Trump’s “Big Beautiful Bill” are set to add another $3.4 trillion to the debt over the next decade. It’s a relentless upward spiral.
Enter the government’s latest brainstorm: letting citizens chip in. Since 1996, the Treasury—currently led by Scott Bessent—has allowed donations to reduce the public debt. But only a few months ago, they modernized the process.
Here’s the twist: you can now donate via Venmo and PayPal. This update, first noticed by NPR’s Jack Corbett on X, joins traditional payment methods like bank transfers or card payments on the Treasury’s website.
Accessibility seems to be the goal. The option, labeled as a “gift to reduce the Public Debt,” aims to make contributing as easy as sending money to a friend. But does it move the needle?
Since the donation program began, the government has received $67.3 million from generous citizens. Sounds impressive, right? Not when you realize the Treasury burns through that amount in under 30 minutes.
That’s the harsh reality of a $38 trillion problem. While the gesture of modernizing payment options is notable, it’s a drop in an ocean of red ink. The numbers simply don’t add up.
So, what’s the takeaway for you, the financially savvy reader? Be skeptical of government solutions that feel more like publicity stunts than fiscal fixes. A Venmo donation might feel good, but it’s not wealth-building—it’s a Band-Aid on a broken system.
Focus on your balance sheet. Instead of donating to a debt that grows by billions daily, invest in assets that outpace inflation—think index funds, real estate, or even Treasury bonds if you want to lend to the government on your terms.
Frugality and efficiency, core Chicago School principles, matter more than ever. Question policies that balloon the debt further, and stay informed about how fiscal mismanagement impacts your dollar’s value. Liberty starts with financial independence.