Splitting the national debt bill with Uncle Sam is unrealistic — and a waste of your hard-earned cash.
You know that annoying friend who’s always strapped for cash when the bill comes? Yeah, Uncle Sam is that friend. And he wants to know if you could Venmo him some money.
In a bizarre twist to the US government’s ballooning deficit crisis, the Treasury Department is now accepting “donations” via the digital payment app Venmo to “reduce the public debt,” which is currently more than $36 trillion. Needless to say, if every American (including children) pitched in, we’d have to each pay more than $100,000 each to get that balance to zero — and then the debt would immediately start growing again.
Since the news went viral after NPR’s Jack Corbett posted about it on X, the public response has been, unsurprisingly, not positive.
“What in the actual dystopian hellscape is this?” said TikTok user @millennial.mia.
Many critics have pointed out that the government already takes a large cut of your income through taxes, and now the administration is asking for more.
However, Venmo is just the latest voluntary payment option offered by the Gifts to Reduce the Public Debt program, which has existed since 1996. Previously, you could only send money to Uncle Sam via a bank account (ACH) transfer, debit or credit card or PayPal.
In an economy besieged by high prices, layoffs and other factors beyond your control, improving your household’s financial security is a much smarter way to disburse your hard-earned cash. Here are four alternative ways to put your money to better use.
1. Build your emergency fund
An emergency fund is your financial lifeline if you’re hit with a sudden medical bill, job loss or other large expense. Experts recommend having three to six months’ of expenses set aside, but at least 2 in 5 Americans don’t have any emergency funds saved up at all.
Anything you can put away helps — especially if you put the money in a high-yield savings account where it can grow faster.
2. Donate to your own debt
High-interest debt, like credit card and personal loan debt, can cripple your finances for years. Throw everything you can toward your outstanding balances. You’ll barely make a drop in the bucket if you contribute to paying off the national debt, but you can significantly improve your financial situation if you focus on your own.
3. Contribute to an HSA or FSA
Millions of Americans could lose Medicaid under President Donald Trump’s “One Big, Beautiful Bill,” which is expected to increase the national debt by $3.4 trillion between now and 2034, according to the Congressional Budget Office. Medical debt is the leading cause of bankruptcy in the US.
By putting money in a health savings account or flexible spending account, you can make it easier to pay for your medical expenses while enjoying some tax benefits — something you won’t get if you simply hand over your money to the government.
4. Donate to a charity
If you feel comfortable with your current financial situation and want to help others with your extra cash, consider donating to a charity where your money can actually make a difference. Charity Navigator and CharityWatch can help you find reputable organizations that match the causes you’re passionate about.
