Data released by the Bureau of Economic Analysis on Thursday showed that the national debt held by the public reached $31.27 trillion as of March 31, while nominal gross domestic product (GDP) was estimated at $31.22 trillion for the 12 months ending in March.
With the release of the latest data, it is clear that the U.S. will soon go beyond the amount of debt that we had accumulated through the costs of war by 1946. The Congressional Budget Office earlier released a 10-year budget outlook which estimated that the U.S. would break that record by 2030, which was estimated to be around 108% of GDP. Within a decade, it estimated that debt held by the public would represent 120% more than GDP.
