Budget red ink threatens to spike inflation and unemployment
The ticking time bomb that is the national debt just crossed the $40 trillion mark and could spark a fiscal crisis that could throw the economy into disarray, spiking unemployment and exploding inflation.
TL;DR
- The national debt has exceeded $40 trillion.
- This could trigger a fiscal crisis, causing economic disarray.
- Potential consequences include spiking unemployment and exploding inflation.
- Concerns about debt and deficits have been raised by Republicans and centrist Democrats.
- The debt surpassed $1 trillion in 1981.
- Lawmakers have made minimal efforts to reduce debt and deficits since fiscal years 1998-2001.