The US has a $40 trillion debt crisis. Billionaire Warren Buffett knows how to solve it

America had a headline-grabbing milestone this summer. Unfortunately, it wasn’t our America 250 celebration. Rather, it was passing the $40 trillion mark on our national debt.

$40 trillion is a number that is very difficult to get your head wrapped around. It’s more than 120% of our GDP, a ratio that sounds more applicable to an emerging market in crisis than the biggest economy in the world.

While the debt in and of itself is a problem, there are two related issues that are critical.