U.S. hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic

The U.S. government's gross national debt has reached a record $38 trillion, marking the fastest accumulation of $1 trillion outside of the COVID-19 pandemic. This surge in debt, highlighted by the latest Treasury Department report, is occurring amidst a federal government shutdown and has raised concerns about higher inflation, increased borrowing costs, and reduced investment opportunities for future generations. Experts warn that the growing debt load could erode Americans' purchasing power and lead to more expensive goods and services. Despite the Trump administration's claims of reducing the deficit, the national debt has grown by $69,713.82 per second over the past year, according to the Joint Economic Committee.