US public debt reaches historic $40 trillion milestone

The United States' public debt has reached a historic milestone of $40 trillion, hitting this threshold much sooner than previous forecasts predicted. This acceleration is attributed to significant expenditures related to the war against Iran and tariff reimbursements, forcing the government to contract additional debt to cover budget deficits.

On the bond market, nervousness is increasing as the yield on ten-year Treasury notes has risen from below 4% at the start of 2026 to 4.6%. Economist Kenneth Rogoff notes that for high-debt nations, rising real interest rates create heavy spending burdens, positioning the United States as a primary debtor in this environment.

The global debt situation is also intensifying. The global debt-to-GDP ratio has climbed to 94%, up from 82% a decade ago. While debt itself is not inherently positive or negative, experts suggest the current trajectory is becoming increasingly critical.