America's national debt is heading to 175% of GDP. Here's why no president—including Trump—has the will to stop it
Author: Steve H. Hanke and David M. Walker
Outlet: Fortune
Date: April 22, 2026
Hanke and co-author David M. Walker draw on Congressional Budget Office projections showing federal debt climbing toward 175% of GDP, and argue that despite this alarming trajectory, no president, including Trump, has shown the political will to reverse it. They note that Trump's own proposal for a dramatic increase in defense spending will, at least in the short term, push the debt trajectory even higher. The authors contend that deficit financing amounts to a "Houdini-esque" act that creates a fiscal illusion obscuring the true cost of government's propensity to spend, letting politicians defer painful fiscal choices onto future administrations and generations.
Full Citation:
"America's national debt is heading to 175% of GDP. Here's why no president—including Trump—has the will to stop it," Fortune, April 22, 2026. (with David M. Walker)