The National Debt continues to climb, but when does it hit your wallet.
From The Fortune Factor Video Edition · 3:09
Show by Michael Fortune
Got something to say to this podcast? Send a voicemail, and you might hear yourself on the next episode!The U.S. national debt has passed $40.5 trillion, and it's growing by about $4.7 million everyminute. That works out to about $118,000 for every person in America. But what does a numberthat big actually mean for your money?In this episode of The Fortune Factor, we break down the three ways the national debt hits yourwallet:Hit #1: Borrowing costs. When the government borrows more, Treasury yields can rise, andmortgage, car, student, and small-business loan rates tend to follow. On a $400,000mortgage, the jump from 6% to 7% costs about $265 more a month.Hit #2: Social Security. The retirement trust fund is projected to run dry in late 2032. IfCongress doesn't act, benefits could drop to about 78% of what's scheduled.Hit #3: The fix itself. Closing the gap eventually means higher taxes, spending cuts, or both,and that bill lands on households.Then we cover four practical moves you can make now to
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