Economists Who Weren’t Worried About the Debt Are Now Panicking
Economists who previously dismissed concerns about U.S. national debt are shifting their stance as the debt reaches $40 trillion. The primary concern is the rising cost of interest payments in an environment of persistently elevated interest rates.
Why it matters
Shifting expert consensus on fiscal policy suggests growing anxiety regarding the long-term sustainability of U.S. government spending.
What really concerns them isn’t just the $40 trillion.
Illustration by The Atlantic. Sources: Brian Hagiwara / Getty; Nieudacza / Getty; Passakorn_14 / Getty. August 26, 2026, 6:35 PM ET Share Save This is an edition of The Atlantic Daily, a newsletter that guides you through the biggest stories of the day, helps you discover new ideas, and recommends the best in culture. Sign up for it here.
America’s national debt hit $40 trillion last week. That number certainly feels like something worth panicking over—the mind balks at all the zeros. But although the debt has been in the trillions for decades, not everyone has considered it a problem.
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