The US national debt surpassed $40 trillion for the first time, roughly doubling in less than a decade as Washington continues borrowing heavily to cover the gap between federal spending and tax revenue.

While the $40 trillion headline seems like a big deal, the true concern is how costly that debt is becoming to carry. According to recent data from the Congressional Budget Office (CBO):

What is making it so pricey? The government doesn’t repay the national debt all at once, but in increments. Treasury bonds (essentially loans to the US gov) mature over time and are continually replaced with new debt. Because today’s interest rates are much higher than they were when much of the older debt was issued, the government is spending more on interest. Meanwhile, continued deficits add even more debt…and therefore more interest payments.

That flywheel of being in a deficit —> borrowing money to cover the deficit —> creating more debt —> additional interest costs —> being in a deficit is an issue that will only compound going forward:

What can be done? At some point, lawmakers will have to address the $40 trillion question. However, as interest consumes more of the federal budget, they’ll have less flexibility to spend without raising taxes or borrowing even more. That can eventually make decisions involving programs, infrastructure, defense, and taxes much more difficult than they already are.

🌎 Why is this important? America's record debt matters less because of the headline number and more because paying it off increasingly consumes money that could otherwise fund government programs, investments, or tax relief. If it keeps growing, Washington will have less flexibility to respond to a potential economic crisis.

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Wall Street seems to be losing faith in Uncle Sam. The 30-year Treasury yield briefly hit 5.34% this week, its highest point since 2007, potentially pushing borrowing costs higher for consumers.

Treasury yields essentially represent what investors need in order to lend money to the federal government (by buying bonds). Several concerns have pushed the bar higher recently:

Investors would rather spend on other opportunities: Tech giants are selling more corporate bonds to fund their AI spending, giving investors another place to put their money. At the same time, pension funds are buying fewer government bonds, forcing the US to offer higher yields to attract other investors.

The Fed has its part to play as well: Some analysts argue that Fed Chair Kevin Warsh’s intentional vagueness about potential interest rate moves has added uncertainty for investors, prompting them to demand higher returns for holding government debt.

This isn’t just a US problem: Concerns over mounting government debt and persistent inflation have recently pushed bond yields to multi-year highs in France, Germany, the UK, and Japan.

🌎 Why does this matter? Surging Treasury yields could keep mortgages and other long-term loans expensive, making it harder for Americans to finance homes and other major purchases.

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This one could be the most consequential yet. A landmark, multistate trial against Meta began this week that could financially devastate the company and completely change how people use its platforms if it loses.

California, Colorado, Kentucky, and New Jersey are seeking up to $1.4 trillion, alleging that the tech giant violated federal child-safety protections, used false advertising, and engaged in unfair competition.

According to the prosecution, Meta:

Meta has already been sued twice this year… and it lost both of them, with payouts nearing $1 billion. While experts don’t expect Meta to receive the maximum penalty (which would bankrupt the company), the case could still result in huge changes to how Facebook and Instagram are designed.

Along with the massive fine, the plaintiffs want the court to force the company to remove several key platform features. Those include:

That’s not all: The states also want Meta to prevent children from creating multiple accounts and introduce parental verification for underage users.

🌎 How does this affect you? The trial could fundamentally change what social media looks like across Meta’s platforms. A victory for the states could also set a standard that pressures the entire social media industry to build child-safety protections directly into its platforms.

Track the latest updates on cybersecurity, AI adoption, digital privacy, and more with our Technology index.

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While employers have traditionally viewed a résumé full of short stays as a warning sign, new research shows workers who frequently switch employers may have an overlooked advantage.

Job hoppers are simply better at being the new person. Researchers from Rutgers and Cornell studied the performance of 8,700 hedge fund managers between 1992 and 2019, and found that:

Practice makes perfect: Because starting a new job requires more than knowing how to perform the actual work, those with a job-hopping past were able to recover their performance (and adapt to the new workplace) considerably faster.

There is an important caveat, though… the advantage eventually disappears. After about six months, job hoppers and other new hires performed along the same lines.

🌎 Why should you care? The development could change the assumption about workers who've changed jobs frequently from unreliable to quick and adaptable. That could also pressure employers to offer better raises, advancement opportunities, and working conditions to convince employees to stay.

Click below for the latest developments in the job market, remote work, AI-related layoffs, and more in our Work index.

Drugmakers Moderna and Merck announced a breakthrough in their personalized cancer vaccine trials this week, developing an mRNA vaccine that helps prevent skin cancer from returning or spreading.

Unlike a typical vaccine given to prevent an infection, this is a treatment given after someone has already developed cancer. In the trials:

Full late-stage results aren’t available yet, but an earlier trial found that adding the custom vaccine to immunotherapy nearly halved patients’ five-year risk of cancer returning or death.

This is just a starting point: The successful late-stage trial could bring personalized cancer vaccines closer to becoming a real treatment option. Additionally, the drugmakers are already studying the treatment’s effect on other tumors, including lung cancer, bladder cancer, and renal cell carcinoma.

🌎 Why is this important? The breakthrough could pave the way for personalized vaccines against other cancers, although researchers still need to determine whether the treatment ultimately helps patients live longer.

See other important topics like the cost of healthcare, GLP-1 drugs, the aging US population, and more with our Health index below.

> Scientists spent two months eavesdropping on dolphins off Florida’s coast and found they “snoop” on their prey and appear to use different parts of the ocean for socializing and hunting.

> A new study found pilots and flight attendants face more radiation-related cancer deaths than workers in any other US occupation, as they spend more time in a thinner atmosphere that offers less protection from cosmic radiation.

> A custom version of Ferrari’s first electric vehicle, the Luce, sold for $40 million over the weekend, setting a record for the most expensive new car ever purchased at auction.

> Astronomers have discovered the fastest known star in the Milky Way, which whips around the black hole at our galaxy’s center at up to 15,500 miles per second, or about 8% the speed of light.

> Authorities say a cocaine trafficking ring was operating out of two off-campus Penn State fraternity houses, where some pledges were allegedly made to cut and package drugs as part of their initiation.