... the national debt, which at $31.4 trillion is roughly equal to the annual output of the economy.
More.
1Q2023 GDP, 2nd estimate: Nominal: $26.4863 trillion.
118% is not "roughly equal".
And look what has happened to interest payments on the debt, which come out of current revenues. They have gone vertical. At $929 billion annualized, they represent 31.4% of current tax receipts annualized.
Everyone minimizing the gravity of this situation is whistling past the graveyard when government social benefits to persons already exceed the tax receipts.
This will continue until it can't, and great will be the fall of it.
