$40 trillion debt is America’s greatest threat

The U.S. federal government is several weeks away from reaching a disturbing milestone, surpassing $40 trillion in debt.

The U.S. Senate just left for recess after passing another stopgap spending bill with no offsetting cuts. This avoids a government shutdown before the midterm elections but does not slow gargantuan increases in the federal debt.

In the last 18 years, the federal debt has quadrupled. In that time, has the standard of living of most Americans improved dramatically? While some Americans are doing well, there are 35.9 million individuals in poverty. This huge increase in debt certainly did not benefit the American people. The average American faces $63,340 in personal debt, a figure that has remained steady in recent years.