The national debt is over 100% of GDP and most of Congress is ignoring wishes to rein it in. It's time to amend the Constitution
Author: Steve H. Hanke and David M. Walker
Outlet: Fortune
Date: July 15, 2026
Hanke and co-author David M. Walker warn that U.S. debt held by the public now stands at roughly $31.68 trillion, just over 100% of GDP, and is projected by the nonpartisan Congressional Budget Office to climb to 175% of GDP over the next 30 years if Washington stays on its current course. Pointing to centuries of historical evidence that growth slows and crises follow once public debt exceeds 90% of GDP, they argue Congress has repeatedly proven incapable of disciplining itself and call for a constitutional fix, such as a fiscal responsibility amendment pursued through an Article V convention, to defuse the debt bomb before a financial crisis forces the issue.
Full Citation:
"The national debt is over 100% of GDP and most of Congress is ignoring wishes to rein it in. It's time to amend the Constitution," Fortune, July 15, 2026. (with David M. Walker)