US hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic

The U.S. government's gross national debt surpassed $38 trillion, marking the fastest accumulation of $1 trillion in debt outside of the COVID-19 pandemic. This record was noted in the latest Treasury Department report, highlighting the nation's daily finances. Experts warn that growing debt leads to higher inflation, eroding Americans' purchasing power and impacting future generations' ability to afford homes. The Government Accountability Office outlines additional impacts, including higher borrowing costs and lower wages. The Trump administration claims its policies are slowing government spending and reducing the deficit, with a cumulative deficit of $468 billion from April to September. The White House attributes this to spending cuts and increased revenue. The Joint Economic Committee estimates the national debt has grown by $69,713.82 per second over the past year. Michael Peterson of the Peter G. Peterson Foundation warns that increasing debt leads to higher interest costs, which are the fastest-growing part of the budget, crowding out important investments. The U.S. debt has rapidly increased, reaching $34 trillion in January 2024, $35 trillion in July 2024, and $36 trillion in November 2024.