When it comes to the national debt, the alarm bells have been ringing for years. The latest Congressional Budget Office projections have made crystal-clear the consequences of neglecting to address it.
The US debt now clocks in at an outsized 98 percent of GDP—nearly the size of the whole US economy. Without a course correction, it will rise to a historic high of 118 percent of GDP in 2033, and nearly double the size of the economy—195 percent—in 2053.
Debt matters and we are in a fraught moment. An impasse over the debt ceiling—which limits the government’s ability to pay debts already incurred rather than new spending—is approaching between June and September.
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