US debt heads for record high by 2029: Report

The US $33 trillion debt is on track to hit a new record by 2029, according to researchers from the Peter G. Peterson Foundation.

The US debt-to-GDP ratio hitt 97% at the end of the 2022. This ratio is expected to notch 98% by the end of 2023.

Thus, the US is on track to rack up debt equal to 107% of GDP by 2029, the highest debt-to-GDP ratio ever recorded, the foundation said.

The US’ debt-to-GDP ratio hit an all-time-record in the years following World War II, with the public debt amounting to 106% of GDP in 1946. That ratio slumped over the following decades due to a cocktail of amiable market conditions and a post-war economic boom – but there's no way that's happening this time.