Economic Experts Urge Action to Cut Huge $38-T National Debt

The United States’ national debt, currently standing at $38 trillion and exceeding 120% of annual economic output, demands action, experts warn, Nick Lichtenberg reported for Fortune.

The US is operating under a dangerous fiscal gamble.

The nonpartisan Peter G. Peterson Foundation gathered a series of distinguished national economists and historians from outside the foundation in a collection of essays.

They analyzed risks to US economic strength, dollar dominance, and global leadership.

The experts also explored the national debt’s impact on interest, inflation, and financial markets, with some characterizing this moment in history as a crisis. Collectively, they argue that the nation is operating under a dangerous fiscal gamble.

“We are guilty of spending our rainy-day fund in sunny weather,” they argued.