The national debt just hit $40 trillion. Is any of it actually your problem? Let’s go Off Script
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The U.S. government, steward of the world’s largest economy, faces a darkening fiscal outlook as sovereign borrowing costs surge. Unfortunately, it seems intent on trying any fix except the one that might help.
The result, experts say, is a looming fiscal crunch likely to force Congress and a future president to either raise taxes or trim the social safety net.
The eye-glazing milestone arrived without fanfare or protest in Washington’s political theater: U.S. debt officially crested to $40 trillion. To average Americans struggling with grocery bills and higher interest rates, a figure with 12 zeros sounds like a problem for future generations. But fiscal gravity is already pulling down our economy.
