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The $40 Trillion Debt and You | Salt Lake City News
The U.S. national debt has hit $40 trillion — and it’s not just a number; it means the government is spending trillions annually just to pay interest on what it already owes. While your mortgage won’t skyrocket overnight, soaring debt can push up interest rates across the board through “crowding out,” making loans more expensive for everyone. This isn’t a partisan issue — debt has ballooned under both parties due to complex economic forces and unexpected events like the pandemic. Though we’re not in an immediate crisis, projections show debt could reach 101% of GDP by 2026, risking slower…
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