I Now Believe Our National Debt Is a Problem
The national debt in the U.S. has reached alarming levels, now equating to 100 percent of the GDP. Rising interest rates and higher deficits are creating a challenging fiscal outlook, raising concerns about a potential debt crisis. The political landscape has shifted, with policymakers increasingly viewing deficit spending as a means to achieve political goals without facing consequences.
- ▪The national debt held by the public has reached approximately $31 trillion, equal to the size of the U.S. economy.
- ▪Higher interest rates and climbing deficits are raising the risk of a debt spiral.
- ▪The cost of borrowing is increasing for consumers due to rising interest rates on government debt.
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IdeasI Now Believe Our National Debt Is a ProblemIf you’re not worried about this country’s fiscal outlook, you’re not paying attention.By Jared BernsteinIllustration by The Atlantic. Source: CSA Images / Getty.May 25, 2026, 7 AM ET ShareSave Is America heading toward a national debt crisis? As an economic adviser to President Biden and an economist active in mainly Democratic policy circles since the late 1980s, I’ve spent most of my career dismissing arguments that any debt-ratio level signifies a “crisis.” I still think that’s true, even as our publicly held debt has reached 100 percent of our GDP.
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