By America’s national debt is now climbing at its fastest rate ever, propelled in part by the “One Big Beautiful Bill” passed by Republicans earlier this year.
A new forecast from the IMF shows the U.S. heading the route of countries in southern Europe famous for their own issues with debt, inflation and financial instability, like Greece and Italy. But while the two European nations have seen conditions bottom out and, in Greece’s case begin to improve, the U.S. appears to be making little progress fighting its own accumulation of debt.
The IMF report analyzed debt as a percentage of GDP, revealing that the U.S. looks set to surpass both countries with its ratio of debt-to-GDP by 2030. At that time, the IMF projects the U.S. will have the highest debt-to-GDP ratio of any country on earth.
And despite the claims of Donald Trump and his Republican allies in Congress to the contrary, his administration has contributed to that imbalance by surging new spending in the forms of tax cut extensions and funding for the president’s mass deportation efforts, two of the largest items in the president’s “One Big Beautiful Bill” passed earlier this year.
That legislation funded a massive expansion of U.S. Immigration and Customs Enforcement (ICE), while also extending the 2017 Republican tax cuts that benefited wealthier Americans and corporations to a greater degree than middle-income and lower-income families.
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