In the midst of a federal government shutdown, the U.S. governments gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on Americas balance sheet.

It's also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic the U.S. hit $37 trillion in gross national debt in August this year.

The $38 trillion update is found in the latest Treasury Department report, which logs the nations daily finances.

Kent Smetters of the University of Pennsylvanias Penn Wharton Budget Model, who served in President George W. Bushs Treasury Department, told The Associated Press that a growing debt load over time leads ultimately to higher inflation, eroding Americans' purchasing power.

The Government Account

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