Right now, the National Debt is ~125% of the GDP and is estimated to climb - we’ll know more March 27th when the quarterly report is published.

I had to do some research on this one because I wasn’t too familiar with how much weight the ratio factors in. For example, Japan is over 200%, but they’re well off due to societal/governmental factors such as low interest rates, high sovereign savings, and keeping a portion of the debt local to the nation itself. On the other hand, Greece is ~160% due to their last recession. They had worker strikes in 2024 due to stagnating wages, but they’re a come back with economic growth projected to hit ~2% and debt ratio to be at ~145% by the end of the year so it’s a bit of a mixed bag.

That being said, the U.S. is in quite a different situation economically. From what I can tell, it’s not great, but not catastrophic either. If our economic growth continues it’s upward trend, maybe we can balance it out. But, if our National Debt continues to grow, or if our GDP starts to taper off, the % gap may widen and we may see a slow and steady downturn in QoL. The economists I ran across seemed to agree that it could be a growing issue and something to keep an eye on how it’s handled. I thought this blogpost was a good read - it doesn’t get into all the nuance but is a decent summary / overlook. For an official overlook you can read the House Summary.

Finally, this is from the House snippet doc, if you trust that, it is primarily Republican-run, but it says:

In fiscal year 2024, interest on the debt became the government’s third largest budget line item, following only Social Security and Medicare.