All the Money in the World, and Then Some
U.S. government debt held by the public has exceeded 100% of GDP, reaching $31.27 trillion compared to a GDP of $31.22 trillion, meaning even seizing all economic output for a year would not cover the debt. This is compounded by approximately $88 trillion in unfunded federal entitlement liabilities and $1.5 trillion in unfunded state and local pension obligations, bringing total liabilities close to $120 trillion. The Congressional Budget Office projects deficits to grow from $1.9 trillion in 2026 to $3.1 trillion by 2036, with debt rising to 120% of GDP by then.
- ▪U.S. debt held by the public has surpassed 100% of GDP, with debt at $31.27 trillion and GDP at $31.22 trillion.
- ▪There are approximately $88 trillion in unfunded federal liabilities for programs like Social Security and Medicare, plus $1.5 trillion in unfunded state and local pension liabilities.
- ▪The Congressional Budget Office projects the federal deficit will grow from $1.9 trillion in 2026 to $3.1 trillion in 2036, with debt rising to 120% of GDP by 2036.
- ▪Federal outlays are projected to rise from 23.3% of GDP in 2026 to 24.4% in 2036, driven by Social Security, Medicare, and interest costs.
- ▪Revenues are expected to remain around 17.5% of GDP in 2026 and reach 17.8% by 2036, slightly above the 50-year average of 17.3%.
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Wanderland All the Money in the World, and Then Some Boy howdy, are we hosed. Kevin D. Williamson / May 4, 2026 Loading Illustration by Noah Hickey/The Dispatch (Photo courtesy of 20th Century Fox). Illustration by Noah Hickey/The Dispatch (Photo courtesy of 20th Century Fox). Audio Audio Turn any article into a podcast. Upgrade now to start listening. Text Size Members can share articles with friends & family to bypass the paywall. Facebook Twitter LinkedIn Threads Email 0 Open and scroll to the comments section You’re reading Wanderland, Kevin D. Williamson’s weekly newsletter on politics, policy, and culture. To unlock the full version, become a Dispatch member today.
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