America's Debt Is Soaring Under Trump. Yes, It Matters
By John Avlon
Published on May 7, 2026.
The US debt, or debt, has passed 100 percent of GDP, a milestone that has led to a significant increase in America's borrowing rate. This means that the country's debt is now larger than the total size of the American economy. This is a sign that this trend is becoming more prevalent and definitionally unsustainable. The last time our deficit passed 100% of GDP was during World War II. A quarter century ago, America had achieved a balanced budget with no deficits and a projected surplus, a policy achievement that was demanded by fiscal conservatives and independent populists like Ross Perot. However, after 9/11, George W. Bush passed tax cuts that put us back on the path of growing deficits and debt, resulting in the deficit from zero to $1.2 trillion. In his first term, Trump doubled the deficit and grew the U.S. debt by more than $8 trillion dollars, a 40-percent increase in four years. Meanwhile, the debt and health care spending has ballooned, making America a place where super-rich and richer are being legalized. The Republican Party has unified control over the government, with promises of pardons for anyone who promises to pardon anyone who commits to bankruptcy.
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