Three everyday ways Americans will be impacted by $40 trillion US debt

Three everyday ways Americans are set to be impacted by US debt reaching $40 trillion have been revealed, as country reaches 'bleak milestone'.

Treasury figures released just yesterday (August 19) show that national debt in the US has doubled in the last decade, sparking concern about how quickly the government's borrowing needs are growing.

But if you thought the national debt was solely a problem for those in charge, think again.

The US Government Accountability Office has identified three ways in which working Americans could be affected by the debt, with figures projected to climb to around $64tn by 2036.

Higher borrowing costs

Following the announcement, Americans could face higher borrowing costs when seeking to take out a loan.

Securing a car loan could prove more difficult. (Getty Stock Images)

Whether it be for a house or a car, or any other reason, it could leave people with less money to spend on other priorities as a result.

Stagnant wages

While the US has experienced long periods of real wage stagnation for typical workers over the past several decades, this could long continue.

The debt could also mean businesses face higher borrowing costs, or find they have less money available to invest, leading to slower wage growth.

More expensive goods and services

While the cost of living issue is not news for Americans, businesses investing less money means the price of goods and services are 'likely to increase'.

The department noted that 'shortages may also be more likely'.

But speaking about soaring everyday costs for US citizens, Trump noted that he simply 'will not apologize'.

Trump stated he 'will not apologize' for soaring gas prices. (Samuel Corum/Getty Images)

Speaking at a rally in Long Island, New York, last week (August 14), the president said: "For you to pay a little bit more for your gasoline, just remember, you’re doing it so a very evil country cannot have… a country, really, it’s the number one state sponsor of terror in the world, we don’t want to have them have nuclear weapons."

He added: "When you have to pay a little bit more, you’re at $4. It’s Ok, I mean, it’s… I’m not… I’m not… I’ll never apologise; I did the right thing."

Following the national debt announcement, Bipartisan Policy Center President and CEO, Margaret Spellings, released a statement labelling the projected arrears 'unsustainable'.

'It's time to confront a fundamental mismatch'

She said: "Our current trajectory is plainly unsustainable, and that’s the best-case scenario.

The CEO issued a serious warning about the debt trajectory. (Getty Stock Images)

"AI disruption, a recession, global war, or any number of other events could quickly push us over the edge from a challenge into a full-blown crisis."

The CEO noted that 'even in the rosiest scenarios', the country is 'speeding toward a cliff and refusing to turn the wheel'.

Spellings further warned: "This bleak milestone serves as yet another reminder that it’s past time to confront a fundamental mismatch.

"Our federal programs spend much more than the government takes in, and the biggest-ticket items in the federal budget are all running on autopilot."

She noted that while federal debt is already 'raising the cost of living', it is also 'threatening' the economy, as well as the 'long-term prosperity' of Americans.