Forty trillion dollars. That’s how big the national debt has become as of Wednesday, August 19.

The debt reached that $40 trillion milestone less than five months after hitting $39 trillion. At this rate, it will hit $50 trillion in six years, according to the Peter G. Peterson Foundation. 

The numbers are so big that it’s hard to wrap one’s head around them, so here’s some perspective: Forty trillion dollars is equal to roughly $116,700 for every American man, woman and child. It took almost 200 years for the national debt to reach $1 trillion in 1981; it’s grown $39 trillion in the ensuing 45 years. 

Much of that growth has come since the turn of the century. In fact, the debt has doubled in less than 10 years. 

Last year, the federal government spent $1.78 trillion more than it collected. Government deficit spending now comprises 5.8% of the U.S. economy. Can you imagine where the economy would be if we weren’t “borrowing” from our grandchildren?

Interest payments on $40 trillion

Meanwhile, interest payments last year rose to $970 billion, which is the equivalent of roughly $2,800 for every American. The federal government now spends more on interest than it does on national defense. Looking ahead, the Congressional Budget Office projects annual interest payments will grow to $2.1 trillion by 2036.

U.S. Rep. Steve Womack, R-Ark., and a few other congressmen have proposed creating a bipartisan commission to make recommendations. But even it would only be charged with bringing the deficit down to 3% of the economy within 10 years. That’s not anywhere near balancing the budget.

The six members of Arkansas’ congressional delegation last year voted for President Trump’s One Big Beautiful Bill Act, a tax cut extension package the Congressional Budget Office has estimated will add $4.7 trillion to the debt over the next 10 years. 

This cannot continue forever, and it won’t. A car heading toward a cliff will either stop doing so or go over the edge. Unfortunately, there’s no indication current members of Congress and the president are serious about hitting the brakes.

So who will?