Washington just handed taxpayers and their children a $40 trillion bill.

Comment “Debt” and we’ll send you an article that dives deeper into the problem. On August 18, 2026, gross federal debt reached $40.047 trillion. Using the Census Bureau’s mid-August population estimate of about 342.8 million residents, that equals roughly $116,800 per person. James M. Buchanan warned that debt-financed consumption can reduce the resources available to build future productive capacity. As federal borrowing absorbs saving, interest rates can face upward pressure, private investment becomes more expensive, and capital accumulation may slow. The budgetary consequences compound over time. The Congressional Budget Office, Congress’s nonpartisan budget agency, projects net interest outlays of about $1 trillion in 2026 and $2.1 trillion by 2036, leaving fewer resources for other priorities and making refinancing costs increasingly important. Borrowing can also obscure the price of current government spending. Benefits arrive today while part of the tax burden is pushed forward, weakening political discipline and transferring obligations to future taxpayers.