America’s Debt Spiral: Why 127% Debt-to-GDP by 2034 Is Just the Beginning

Introduction

The U.S. is approaching a fiscal tipping point. According to the Congressional Budget Office (CBO), America’s debt-to-GDP ratio is projected to reach 117% by 2034. But after the passage of the recent tax-and-spending legislation, that forecast has been revised upward by +9.5 percentage points—bringing the total to nearly 127% of GDP.

This is…