We all knew that this was coming. For ages, people like me have been ranting that we would be facing a financial nightmare if we didn't get the national debt under control. Of course most of the population didn't want to listen, and they just kept sending big spenders back to Washington. Now we are 40 trillion dollars in debt and we are spending well over a trillion dollars a year just in interest on that debt. Nobody can deny that we have reached a stage where our debt spiral is totally out of control. The federal budget deficit for the month of July was 432 billion dollars. Interest on the national debt for the month of July was 118 billion dollars. Now Treasury yields are spiking as investors become hesitant to buy more of our debt. Borrowing costs are rising to very alarming levels, and we are in far more trouble than most people realize.

The size of the national debt officially crossed the 40 trillion dollar threshold on Tuesday…

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.