The national debt just hit $31 trillion—but what does that actually mean for your wallet?

In this episode of The Tradeoff, Mattie breaks down why the federal debt and deficit aren't just abstract numbers for economists to worry about. Using the CBO's latest report, she explains how America's spending habits compare to rest of us who are budgeting and making sacrifices just to get by (spoiler: despite being 250 years old and having a near-stellar credit history, no bank would approve the US for a mortgage today).

You'll learn:

• The difference between debt and deficit—and why one matters more than you think
• Why our tax system isn't built to sustain this type of debt load
• How Social Security's worker-to-retiree ratio went from 40:1 to 2:1—and what that means for your retirement
• Why the U.S. will soon spend more on interest payments than on defense spending (yes, in this economy)
• What happens when the "check" finally comes due

This episode is a clear-eyed look at the math that determines whether we'll have the resources to respond to the next economic crisis—and what you can actually do about it.

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