The US can’t grow its way out of its $33 trillion debt mountain, research group says

• The US can’t rely on growth to avoid dealing with its $33 trillion debt mountain, according to researchers.
• The government is on track to hit a record-high debt-to-GDP ratio by 2029.
• Higher interest rates means the cost of servicing that debt could be unsustainable, experts say.

The US’s $33 trillion debt mountain is bound to grow even larger – and policymakers and legislators can’t rely on the economy simply growing its way out of its debt problems, according to the Peter G. Peterson Foundation.

The research group, which is a nonpartisan organization dedicated to monitoring and spreading awareness of fiscal issues facing the US, pointed to the ballooning public debt balance, with the US debt-to-GDP ratio hitting 97% at the end of the 2022.