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Jill On Money: Should You Worry About the $40 Trillion Debt?
Local economists say taxpayers face higher borrowing costs and inflation as federal spending keeps outpacing tax revenue, driving the debt higher.
- Last week, the Treasury Department reported the U.S. national debt surpassed $40 trillion, marking a steep rise from $30 trillion in 2022 and $20 trillion in 2017.
- Federal government spending outpaces tax revenue, forcing it to borrow money and creating a positive feedback loop where accrued interest consumes more of the budget each year.
- Cedarville University economics professor Jeff Haymond and local economist Jared Pincin warn that higher inflation and borrowing costs will hit taxpayers in coming years as the debt skyrockets.
- Pincin explained that spending cuts must be packaged as deals to overcome voter resistance tied to dependent institutions, citing Wright Patt's potential closure as a localized economic impact.
- CBS News business analyst Jill Schlesinger suggests the $40 trillion figure requires context rather than panic, noting the U.S. dollar remains a dominant force in global trade.
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17 Articles
The Press of Atlantic City+12 Reposted by 12 other sources
Jill On Money: Should you worry about the $40 trillion debt?
By now, you have seen the headlines about U.S. gross debt breaching $40 trillion. As is the case when a market rises above a round number, it becomes an event. For me, it’s a chance to refresh my (seemingly) annual…
David Specht: Address the National Debt Now, Not Later - BIZ Magazine
The United States national debt has now crossed $40 trillion. Read that number again. Forty trillion dollars. The problem is that numbers that large almost stop having meaning. We understand $100. We understand $10,000. Most of us can wrap our …
Coverage Details
Total News Sources17
Leaning Left3Leaning Right2Center11Last UpdatedBias Distribution69% Center
Bias Distribution
- 69% of the sources are Center
69% Center
L 19%
C 69%
12%
Factuality
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