America can no longer afford to ignore the unprecedented amount of debt which it has accrued. Our unchecked spending has, for the first time since World War II, exceeded our GDP (2018). Just the interest America must pay is hundreds of billions of dollars/year - and will become trillions of dollars/year if we do not aggressively address it.
Today, America's national debt is $29.482 trillion dollars. That is the highest it has ever been. But due to inflation, it is important to balance the total debt against America's GDP to keep these numbers in perspective. Thus, with a GDP of $23 trillion dollars, our national debt is well over 100% of our GDP. Not counting 2018, this has not happened since World War II.
Our current outlays for interest are $345 billion. That amounts to 1.6% of our total GDP and 5.3% of our total spending. The CBO's latest assessment (see chart above) estimates these numbers to increase significantly... approaching 200% of GDP withing 30 years.
If we wished to pay of the national debt today, this would amount to $114,138 for every US adult. If we only consider Americans who pay taxes, it would amount to $204,310/US Taxpayer. Just the interest payments on our debt would amount to $2,391/US taxpayer per year.
By the time you finish reading this sentence, our national debt has increased tens of thousands of dollars more.
The Congressional Budget Office (CBO), which produces non-partisan, impartial analysis of economic and budgetary issues to support the Congressional budget process, recently released its long-term budget outlook. You can read more about its findings and projections by clicking the link below.