Lawmakers urged to ‘stop the bleeding’ and put the country on a more sustainable fiscal path

The U.S. national debt is now larger than the economy as a whole, hitting levels not seen since the aftermath of World War II, new data has revealed. Figures released by the Bureau of Economic Analysis Thursday place the total debt held by the American public at $31.27 trillion as of March 31. Meanwhile, the country’s nominal gross domestic product was estimated at $31.22 trillion, meaning the national debt as a percentage of GDP stands at 100.2 percent, putting it on course to challenge the historic 106 percent recorded in 1946 during demobilization. The debt stood at 99.5 percent of GDP at the end of the 2025 fiscal year in September, revealing how quickly it has climbed.

  • tristynalxander@mander.xyzEnglish
    0·
    1 month ago

    The vast majority of the debt was caused by entitlements, which couldn’t be paid for even if we took all the profits from the top 1%.

    The only “cause” is the lack of a law automatically raising taxes when spending exceeds income. Everyone is trying to get subsidies for their cause and have someone else pay the bill, and to an extent that’s just the way governments promote economic activity, but it’s never gonna be sustainable if you’re spending more than you make. Supposedly, if your economy out grows your debt it’s “fine” but that sounds like bs without a dynamic tax rate.

      • tristynalxander@mander.xyzEnglish
        0·
        1 month ago

        Yeah, 50% is an insanely large amount. Social Security, Medicare, and Medicaid are ~50% of the budget (after you take out interest). Another 15% is mandatory spending, which is mostly still retirement stuff. Obviously we need to be more discerning about defense spending (~30%) too, but that doesn’t really change the core point: We’re spending money we don’t have – on good things sure, but it’s not sustainable. Future Younger generations will pay for it and likely be forced to go without themselves.

        You can look at the charts, modify by taking the percent over 100 minus the net interest to see spending percentages without interest.