1. 📈
The U.S. National Debt Is Historically High
- As of mid-2024, total U.S. federal debt is over $34.8 trillion.
- Debt held by the public (excluding government trust funds) is about $27 trillion, or roughly 98% of GDP.
- Total federal debt is approximately 123% of GDP, one of the highest ratios in U.S. history.
📌 U.S. Treasury Debt Clock:
https://fiscaldata.treasury.gov/americas-finance-guide/national-debt
📌 U.S. Debt-to-GDP data (CEIC):
https://www.ceicdata.com/en/indicator/united-states/government-debt–of-nominal-gdp
2. 🧨
CBO: Debt Will Rise Rapidly and Exceed Record Levels
- The Congressional Budget Office (CBO) projects that debt held by the public will rise to 122% of GDP by 2034, surpassing the previous WWII-era record.
- By 2054, the CBO projects the debt will hit 166% of GDP, unless policy changes are made.
📌 CBO Long-Term Budget Outlook (2024):
https://www.cbo.gov/publication/60419
3. ⚠️
Debt Growth Is Considered Unsustainable
- The CBO warns that: “High and rising federal debt would… slow economic growth, push up interest payments, and raise the risk of a fiscal crisis.”
- The Government Accountability Office (GAO) also states that the federal government’s current fiscal path is “unsustainable.”
📌 GAO Report on Fiscal Outlook:
https://www.gao.gov/federal-debt
📌 CBO 2024 Outlook Summary: