Times of India
AsiaPac · 5 hrs ago
US debt crosses $40tn but everyone still trusts Uncle Sam. But for how long?
US national debt crossed $40 trillion, exceeding annual GDP, as interest payments approach $1 trillion, with economists warning of painful adjustments ahead.TOI correspondent from Washington: The United States’ national debt crossed $40 trillion on Tuesday, a number so large that even breaking it up with commas can scarcely make it comprehensible. As in a 4 followed by 13 zeroes: $40,000,000,000,000!Number-crunching economists reached for various metrics to convey the scale of the crisis. The US economy produces roughly $33 trillion worth of goods and services a year. So the debt is now bigger than the entire annual economic output (GDP) of the country. Per American, that works out to roughly $118,000; for a family of four, about $472,000. Divvying it another way, the US is adding debt at
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