Feeling flush? Americans can Venmo government to help pay off US debt
'Ask not what your country can do for you – ask what you can do for your country.'
Six decades and some change later, the United States Treasury is keeping Kennedy's spirit alive by offering Americans with a few dollars collecting dust in their Venmo balance a chance to fulfill a new patriotic duty: helping pay off the national debt.
The US treasury department has long had a 'Gifts to Reduce the Public Debt' page available for those that dislike traditional charity, feel like they don't pay enough in taxes, or simply want to help the country stay No 1 in an eclectic list of superlatives that includes military spending, Olympic gold medals, prison population, corn subsidies, and healthcare costs.
But the new-age, Gen Z-friendly method of payment is a recent addition, first flagged on Twitter by Planet Money's Jack Corbett.
A bipartisan punching bag that trades sides of the aisle depending on who's in office and who needs funds earmarked for projects in their state, concern over the national debt is one of few issues that Democrats and Republicans can unite on. Also bipartisan is the debt's growth, which has increased every year since 2001, when it sat at $10.28tn.
As of this writing, the debt has ballooned to $36.72tn.
America is on track to continue the trend, with the Congressional Budget Office estimating that Trump's Big Beautiful Bill will add $3.4tn to the debt over the coming decade. It is unclear how much money Trump and Elon Musk's 'Doge' saved, although analysis estimates the number at under the advertised $180bn, and a far cry short of the initially advertised $2tn.
The federal government spent $6.75tn in Fiscal Year 2024 while collecting $4.92tn in revenue.
Highlights of past and present government spending include the $151bn procurement process for the Trump administration's Golden Dome missile defense project, over $2tn on Lockheed Martin's long delayed F-35 fighter jet, and roughly $800bn in annual spending on the Pentagon, which recently failed its seventh audit in a row.
Kind-hearted Americans have gone above and beyond their regular tax-paying duties contributing around $67.3m since 1996. That's enough to fund 20 minutes of the US government's spending habit.
If Americans could dig into their couch cushions, eat less takeout, and tighten their belts, they might be able to tackle the problem once and for all. It would only take about $107,000 per person, payable via ACH, Paypal, credit or debit card, and now, Venmo.
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