Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today as the U.S. national debt surpassed $40 trillion. Peterson said: 

“For the millions of Americans concerned about affordability, let’s start by asking Washington to take notice that the national debt just hit $40 trillion. It’s shocking that we’ve doubled the federal debt in less than 10 years, and we must change course.

“The more debt we take on, the more interest costs we have to bear, which now even exceed the cost of national defense. And every trillion we add to our debt contributes to higher interest rates and inflation, increasing the mortgages, car loans and credit card bills of all Americans. At the same time, debt harms economic growth, slowing wage increases while the cost of living continues to rise.

“Despite the obvious recklessness of this fiscal path, we are showing no signs of slowing down. The debt growth is projected to accelerate as our society ages and healthcare costs continue to balloon. If we don’t reform our budget, we will hit $50 trillion in just 6 years.

“The only good thing about our fiscal challenge is that there are many available solutions, and the budget is entirely within our control. While China, Russia and Iran may enjoy seeing us devalue our own economic future, this is one problem that we can solve ourselves, without negotiating with any of them.

“If we want to improve our living standards, today and for the next generation, now is the time for lawmakers to put our nation on a more affordable and sustainable path.”