Commentary

Is the USA Going Bankrupt?

By Stephen Moore
Wednesday, August 26 2026

Thank God, no, we aren't going bust as a nation, despite our gargantuan $40 trillion national debt. The rapid pileup of debt under Republicans and Democrats alike is certainly a disgrace and worrisome. When I came to Washington in the mid-1980s, our debt hit $1 trillion for the first time. It seemed like a tidal wave of red ink. Forty years later, we're at $40 trillion. That's a big and scary number. But our national wealth is roughly $180 trillion. So our debt-to-asset ratio, which has been rising, is still less than 25%, and much lower than at the end of World War II, when the debt hit 40%…

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