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Jill On Money: Should You Worry About the $40 Trillion Debt?

  • Last week, the United States' total debt crossed $40 trillion, or about 120% of its GDP. The figure has doubled in the past decade under both the Trump and Biden administrations.
  • Revenue losses from President Donald Trump's 2017 tax cuts, spending surges during Covid-19, and the One Big Beautiful Bill Act in Trump's second term collectively increased US debt by $4.7 trillion.
  • Treasury Secretary Scott Bessent announced bond buybacks would be doubled, yet 30-year Treasury yields reached 5.31% recently—the highest level in almost 20 years—as fiscal pressures collide.
  • Rising US interest rates are pressuring Australian borrowers with fixed-rate mortgages, while materially higher rates could trigger share market falls and weaken global economic growth.
  • Policymakers gather Thursday at the Jackson Hole Economic Policy Symposium, where Federal Reserve Chairman Kevin Warsh will deliver his first keynote speech amid heightened bond market tensions.
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The Press of Atlantic CityThe Press of Atlantic City
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Jill On Money: Should you worry about the $40 trillion debt?

By now, you have seen the headlines about U.S. gross debt breaching $40 trillion. As is the case when a market rises above a round number, it becomes an event. For me, it’s a chance to refresh my (seemingly) annual…

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The Arabian Stories News broke the news on Sunday, August 23, 2026.
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