The national debt just smashed past $40 trillion — a staggering number that signals the government is borrowing more than it’s earning. For over 20 years, deficits have been mounting, and now interest payments alone exceed spending on defense and Medicare. Experts warn this trend could push debt to $50 trillion in just six years if no major changes are made. Aging populations, tax cuts, and economic shocks like the 2008 crash and COVID-19 have all fueled the crisis. With interest costs swallowing up more of the budget, essential programs suffer — and future crises could trigger even higher taxes or interest rates for everyday loans.
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