US national debt just blew past $40 trillion, with a big capital T
America just unlocked a brand-new achievement in government spending, and the prize is everyone paying more for literally everything.
The federal balance sheet just crossed the 40-trillion-dollar mark. That is a four followed by twelve zeroes, an amount of money so absurd it feels more like a video game score than real economics.
The trouble is what happens when lenders start sweating. Investors looking at this mountain of red ink are demanding higher yields before they hand over any more cash to the treasury.
When the government pays more to borrow, those higher interest rates trickle straight down into mortgages, auto loans, and credit card balances.
Uncle Sam maxes out the platinum card, and everyone else gets stuck splitting the bill.
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