Posted on 08/19/2026 3:40:59 PM PDT by thegagline
The U.S. national debt has surpassed $40 trillion for the first time, marking a historic milestone in a borrowing buildup that has accumulated over generations, through wars, recessions, tax changes and the expansion of major federal benefit programs under presidents of both parties.
The Treasury Department reported that total public debt outstanding reached about $40.047 trillion Tuesday, according to The Wall Street Journal and The New York Times.
The number is striking, but the more significant measure for economists is debt held by the public — money the federal government owes to investors and other entities outside the federal government.
That figure is approaching the size of the entire U.S. economy, with publicly held debt already exceeding 100% of gross domestic product, ***
The $40 trillion figure represents the cumulative result of decades of federal borrowing rather than the policies of any single administration.
The United States has carried debt since its founding, when the young nation borrowed heavily to finance the Revolutionary War.
***.
Social Security became a permanent part of the federal budget, Medicare was established in the 1960s, and the government's role in health care, retirement benefits, national defense and other areas continued to expand.
Major national emergencies produced additional surges.
Debt rose dramatically during World War II, and borrowing again accelerated during the financial crisis of 2008 and the COVID-19 pandemic, when Congress approved trillions of dollars in emergency spending and economic assistance.
The Journal noted that the federal government has run an annual deficit every year since 2001, meaning it has consistently spent more than it has collected in revenue and has had to borrow to cover the difference.\p>
***
The New York Times reported Wednesday that the government is on track to borrow more than $2 trillion this year. ***
(Excerpt) Read more at newsmax.com ...
2 trillion dollars divided by 350 million
almost $6000
Happy Days Are Here Again? *SMIRK*
I got nothin’ other than to PLEAD with you all once again to get your own fiscal house in order and get rid of as much of your own debt as you possibly can, as fast as you can.
Beans and Rice, Rice and Beans. (And Hot Sauce!) (Dave Ramsey)
And then move on to stockpiling, ‘Bullets, Beans and Gasoline’ if you haven’t done so already.
Also, sturdy boots, warm socks and a can opener.
God Bless Us, Every One!
First thing to do is to stop running a deficit and that can only be done by raising taxes and cutting spending.
I have no idea about what to do about the debt. It’s so big now that the only option may be to default.
40 Elon Musks could pay it off.
“Beans and Rice, Rice and Beans“
Most of us can’t grow our own rice and beans and every stockpile will run out at some point.
It’s so big now that the only option may be to default.
- - - - - - -
The positive of that is that in the future, people will be more reluctant to lend governments money.
The President specializes in bankruptcy and restructuring.
Just sayin’....
https://www.youtube.com/watch?v=JnX-D4kkPOQ
The Onion: Should The Government Stop Dumping Money Into A Giant Hole?
2 min.
“Most of us can’t grow our own rice and beans and every stockpile will run out at some point.”
Okey Dokey! Give up right now, then. Been nice knowing you.
It’s your call.
The interest alone the US pays on the debt is 1 trillion dollars annually.
You can thank a Democrat for every penny of the 40 trillion.
You bring up “gasoline”. I was expecting the Trump Presidency to get prices down, but this does not appear to be possible. There are only two years left.
Seeing what the Biden Cabal did, I wonder if I shouldn’t just stock up now, while it’s still available?
You might want to go back and see what happened during the administration of that retarded baboon GWB.
Adjust it for inflation. We have been printing money like crazy...$40T is no longer what it used to be.
That’s the little secret they don’t want people to realize (especially those buying US Securities)
“You can thank a Democrat for every penny of the 40 trillion.“
They currently don’t control Congress and the debt is increasing by a billion dollars a day. What Trump should have pushed for last year was a balanced budget for FY2025-26.
sorry! count me out... I’m saving for a new motor for my pontoon!
I owe 35K on my house and thats it!! Havent used a credit card in over 20 years... If I want it, I buy it outright and thats that. If I dont have the money, I dont get the toy...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.