U.S. public debt tops GDP

At the end of April, U.S. public debt reached $31.27 trillion, surpassing the nation’s annual gross domestic product, $31.22 trillion, for the first time since World War ii. Total gross debt (including money borrowed from Social Security and other government funds) is even higher—about $39 trillion. Gross debt first surpassed gdp in 2012–2013. Experts worry that high debt means higher interest costs, higher prices for families, and less money for defense or other programs. When debt grows faster than gdp for a long time, nations go bankrupt if their leaders don’t fix the problem.