The Treasury Department announced this week that the U.S. national debt surpassed $40 trillion, a grim milestone that promises to have a reverberating impact on millions.
The debt, valued at around $120,000 per taxpayer, has been incurred because the government has been steadily spending more than it collects in taxes, creating a gaping deficit. It has been more than 20 years since the federal government’s last budget surplus, with the United States now facing a debt-to-GDP ratio of over 120%.
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