Are we leaving this $34 trillion and rising national debt to our children to pay?
The national debt is now at $34 trillion and appears to continue to rise for the foreseeable future. This puts the national debt at 121% of the GDP, which is huge but below its record high of 133% in the 2nd quarter of 2020. And while 2020’s Covid emergency made it an exception, national debt did not exceed 121% of the GDP even during WWII. Carrying debt creates several issues, the most pressing one being interest payment.
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Listen to Economic Pulse Fridays at 5:44 PM during All Things Considered; Mondays at 7:30 AM during Morning Edition.
(Original air-date: 4/5/24)
