U.S. Debt Soars to $38T: Where Did DOGE and Government Cuts Lead Us?
The U.S. national debt has reached a record $38 trillion, the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic. This growing debt, as highlighted in the latest Treasury Department report, leads to higher inflation, eroding Americans’ purchasing power and increasing borrowing costs. Experts note the impact of rising debt includes increased interest costs, which crowd out important public and private investments. While some officials claim policies are working to slow spending, the Joint Economic Committee estimates the national debt has grown by tens of thousands of dollars per second over the past year.
John Q. Hosedrinker