The U.S. national debt crossed a record $40 trillion this week—a figure economists and lawmakers expect will continue to surge.

Data from the U.S. Congress Joint Economic Committee reveals that the debt grew at an astonishing rate of $90,000 per second over the past year.

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To break down what this means, 7News spoke with Don Boudreaux of George Mason University's Department of Economics.

Boudreaux addresses the core drivers behind the rapid increase, how it impacts everyday families, and potential paths toward fiscal recovery.

U.S. national debt hits $40 trillion, rising by $90,000 a second (7News)

Watch the full interview in the video player above, or track the real-time figures on the live U.S. debt clock.