U.S. National Debt Surpasses Size of Economy for First Time Since World War II
The national debt exceeded the size of the entire U.S. economy — marking the first time the grim milestone has been reached since World War II.
The current national debt held by the public was $31.27 trillion on March 31, but nominal gross domestic product was $31.22 trillion for the 12-month period ending that month, according to Bureau of Economic Analysis data released on Thursday.
That means debt held by the public as a percentage of GDP has surpassed 100 percent, per a report from Fox Business.
Many economists analyze debt held by the public as a share of GDP because debt held in government accounts is omitted.
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The previous high for debt to GDP was 106 percent, a metric last recorded in 1946 as the U.S. government demobilized the military after World War II.
That record is slated to be broken in 2030, with debt held by the public as a share of GDP forecasted to reach 108 percent, per the Congressional Budget Office.
In a decade, the metric is expected to hit 120 percent.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement provided to The Hill that the borrowing did not originate from “a seismic global conflict, but rather a total bipartisan abdication of making hard choices.”
“It’s happened — the national debt is now larger than the U.S. economy, about twice the historic average,” she said.
“We’ve heard plenty of alarm bells in the past few years about our fiscal path, but this one rings especially loudly,” she continued. “The real question is whether or not our leaders in Washington will listen.”
The overall national debt has now surpassed $39 trillion, according to the Treasury Department.
Just five months earlier, the debt had reached $38 trillion.
“The higher we allow our debt to grow, the more we erode our own prosperity and that of future generations,” MacGuineas continued.
“Rising debt compromises affordability by slowing income growth, pushing up interest rates, and increasing inflationary pressures. Debt squeezes our budgets with massive interest costs,” she explained.
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