US national debt surpasses $40 trillion, exceeding total global gold reserves

The United States' national debt has crossed a staggering threshold, surpassing $40 trillion for the first time in history. This monumental figure now exceeds the estimated total value of all gold ever mined by humankind.

According to the World Gold Council, humanity has extracted approximately 220,700 tons of gold throughout history. At current market prices, the total value of this gold is estimated at around $33 trillion. This means the US national debt alone is $7 trillion greater than the value of all the world's gold reserves.

Adding to the fiscal concern, the US national debt reportedly increases by about $7 billion each day. Financial experts note that even paying back just $1 billion daily would take approximately 110 years to clear the entire debt. This rapid accumulation has led to warnings from figures like Maya MacGuineas, president of the Committee for a Responsible Federal Budget, who described the current borrowing pace as "unsustainable."

Furthermore, the federal debt now exceeds the total economic output of the United States. Gross domestic product (GDP) for the second quarter of the year was over $32 trillion. This results in a debt-to-GDP ratio of roughly 123%, placing the US among the top 10 most indebted countries worldwide, according to the International Monetary Fund. The US debt also surpasses the combined economies of China, Germany, Japan, the UK, and India.