The national debt has blown past $40 trillion for the first time, and the interest alone now costs taxpayers more than $1 trillion a year, a bill that budget experts warn will crowd out defense, drive up borrowing costs, and drag down wages for a generation. The milestone arrived in August, just five months after […] The post America's $40 trillion debt tab lands on every taxpayer's doorstep appeared first on American Almanac .
The national debt has blown past $40 trillion for the first time, and the interest alone now costs taxpayers more than $1 trillion a year, a bill that budget experts warn will crowd out defense, drive up borrowing costs, and drag down wages for a generation. The milestone arrived in August, just five months after the debt crossed $39 trillion in March. Five months before that, it had hit $38 trillion. Each trillion-dollar jump is coming faster than the last, a pace that AP News reported has left the United States ranked dead last in fiscal health among developed countries, according to OECD data. That $40.047 trillion figure is not an abstraction. It works out to roughly $120,000 for every American taxpayer and nearly $300,000 per…Open
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Climbing borrowing costs have become a headache for Treasury Secretary Scott Bessent. But the United States is not the only country grappling with the potentially destabilizing consequences of soaring government debt.
The debt surpassed $40 trillion just ahead of the upcoming November midterm elections that will determine if Republicans keep control of Congress for the second half of Trump’s final term.
New financial technologies are making it faster and cheaper to move money across borders, seemingly reducing the world's reliance on the dollar . - But new research presented at the Jackson Hole symposium suggests financial innovation may instead tighten the dollar's grip on global finance. - Financial innovation is the theme for the annual gathering of central bankers, where they're grappling with how these technologies reshape the financial system. Why it matters: Dollar dominance gives the U.S. enormous financial clout and helps keep demand for its debt strong. - If the paper is right, stablecoins and other forms of tokenized money could strengthen that position, even as concerns grow about America's fiscal health. What they're…
By Jack Hellner America’s debt is $40 trillion, but the left (aided by AI) insists that more taxes, rather than less spending, would help fix the problem.
