Introduction
Economists, investors, and lawmakers are again raising alarm bells about the U.S. national debt. Years of elevated budget deficits, exacerbated by massive federal spending during the COVID-19 pandemic, have taken the debt to historic levels: totaling more than $26 trillion in 2023, U.S. federal government debt is now at its highest percentage of gross domestic product (GDP) since World War II. Equally alarming to many experts is the debt’s unsustainable trajectory, as spending is projected to continue outpacing revenues under current law.
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