As usual, the debt ceiling drama came and went. But drama obscured the important fact that US debt is still too large and growing to much higher levels on the path it is on. It is a problem that needs to be addressed. This figure from the CBO shows we can expect public debt to reach nearly 200% of GDP on the path we are on by 2052. And this may be the best-case scenario because it assumes low interest rates, cuts to military spending, and no future crisis that require taking spending to an even higher level.
Source: Congressional Budget Office
Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.
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