Why National Debt Matters

This century, debt began to grow faster than the economy—as measured by the gross domestic product (GDP)—driven by tax cuts that disproportionately went to the richest Americans. While the ratio of debt to GDP has been on track to grow indefinitely since the George W. Bush tax cuts of 2001, the fiscal gap—the amount of tax increases and/or program cuts it would take to stop the debt-to-GDP ratio from rising—has meaningfully widened in the past decade Read Full Article »