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The United States� total debt has ballooned to over $34 trillion. Economists Kenneth Rogoff and Carmen Reinhardt consider this level of debt relative to gross domestic product a (see figure 1). But Washington shows little appetite for addressing the problem as policymakers approve budgets with annual deficits of 25 percent or more. Defense spending and other needed investments are severely constrained while interest on the debt now approaches $1 trillion per year. Inflation is supercharged, and chronic overspending challenges productivity and America’s sovereign credit ratings.

Join Hudson Senior Fellow Thomas Duesterberg for a discussion with Dr. Douglas Holtz-Eakin and Dr. William Beach to explore ways to halt the destructive budget cycle.

Figure 1