New Delhi, July 21 -- According to the US Treasury Department's official website, America's total outstanding debt held by the public crossed more than 100% of its GDP last week. Of its gross debt of $39.5 trillion, $31.8 trillion is held by the public, while intra-governmental holdings account for the rest.

Doubtless, some of the increase in debt can be traced to past crises: the 2008 financial crisis and covid disruption of the early 2020s, for instance. However, in the years since, thanks to persistent and growing budget deficits, the US government's debt has grown by leaps and bounds, even as economic growth has held up.

The non-partisan US Government Accountability Office (GAO), often called America's Congressional watchdog, has wa...