America has officially crossed a number that should stop every American in their tracks: $40 trillion in national debt.Forty trillion dollars feels so abstract that it is easy to dismiss it as Washington’s problem — a figure on a government website, debated by economists and politicians while ordinary Americans go about their lives. But here is the problem: This debt affects all Americans, directly or indirectly, because it isn’t Washington’s money.
It is ours.And increasingly, the debt Washington has accumulated is limiting the choices available to the Americans who will have to live with it.This situation will eventually limit our ability as a nation to borrow and will make borrowing more expensive, because excessive federal borrowing can put upward pressure on interest rates, raising the cost of mortgages and car loans and making it harder for businesses to borrow, invest, and grow.This applies to every community, including the Hispanic community. In 2024, the Office of Advocacy reported that Hispanics owned more than 5 million businesses, employing nearly 3 million people. The latest official data show that Hispanic entrepreneurs comprised 14.5% of all business owners in 2022, a 13% increase from the previous year.That should force us to ask a question that is bigger than whether Republicans or Democrats are to blame: What kind of country are we leaving to the next generation?Every dollar the federal government borrows today represents a claim on tomorrow’s taxpayers, workers, families, and businesses. Every additional dollar spent on interest is a dollar that cannot be used for something else.This is not simply a budget problem. It is a freedom problem.America’s economic strength has always rested on the idea that individuals should have the freedom to make decisions about their own money, their families, and their futures. But when the government continually expands its spending commitments and finances them through debt, it takes more economic decisions out of the hands of individuals. Higher borrowing costs can mean a family delays buying a home or a car, a small business puts off hiring or expansion, or an entrepreneur decides not to make an investment because the cost of capital is too high.That is why the $40 trillion milestone should not lead to another partisan shouting match.The debt did not suddenly appear because of one president. Spending on Social Security, Medicare, and Medicaid is one of the biggest drivers of the debt and will only consume more of the federal budget as the Baby Boom generation retires and the population ages. Protecting Social Security for the Americans who depend on it means making sure the program remains financially sustainable for future generations, which requires Congress to confront its long-term costs as part of a broader effort to bring spending and debt under control.But fiscal responsibility should not mean asking Americans to simply accept slower growth or fewer opportunities. It should mean creating the conditions for more growth — by reducing unnecessary barriers to work and entrepreneurship, encouraging investment, and allowing more of the private sector to thrive. A growing economy can help make the debt more manageable, but growth alone cannot substitute for addressing the spending that created the problem in the first place.Both parties have contributed to this debt; both parties should work together to find ways to put the country on a more sustainable fiscal path and grow the economy enough to help reduce the burden of the debt.Congress needs structural fiscal discipline, including a balanced-budget framework that forces lawmakers to confront the tradeoffs they routinely avoid.Congress could also consider reforms that strengthen spending accountability, improve budget transparency, and ensure that new spending is matched by sustainable funding.Imagine telling an American family that the solution to spending more than it earns is simply to borrow more money every year — and then hand the bill to their children. That is unacceptable.With the midterm elections around the corner, this should be on the minds of candidates when they speak to voters and offer fiscally responsible solutions. Because the real question facing America is no longer whether we can afford another trillion dollars of debt.It is whether we are willing to preserve enough economic freedom for the next generation to build something better than what we leave them.WE JUST HIT $40 TRILLION IN DEBT — AND MY GOVERNMENT PACEMAKER HELPEDForty trillion dollars is not just a debt. It is a warning.And America should finally start listening.Yali Nuñez is a visiting fellow at Independent Women.
