U.S. National Debt Surpasses Size of Economy for First Time Since World War II

The national debt exceeded the size of the entire U.S. economy — marking the first time the grim milestone has been reached since World War II.

The current national debt held by the public was $31.27 trillion on March 31, but nominal gross domestic product was $31.22 trillion for the 12-month period ending that month, according to Bureau of Economic Analysis data released on Thursday.

That means debt held by the public as a percentage of GDP has surpassed 100 percent, per areportfrom Fox Business.

Many economists analyze debt held by the public as a share of GDP because debt held in government accounts is omitted.

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The previous high for debt to GDP was 106 percent, a metric last recorded in 1946 as the U.S. government demobilized the military after World War II.

That record is slated to be broken in 2030, with debt held by the public as a share of GDP forecasted to reach 108 percent, per the Congressional Budget Office.

In a decade, the metric is expected to hit 120 percent.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in astatementprovided to The Hill that the borrowing did not originate from “a seismic global conflict, but rather a total bipartisan abdication of making hard choices.”

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