The US National Debt is at the highest it has ever been. It is at 28.5 trillion US dollars and growing fast due to the budget deficits. The COVID-19 pandemic related stimulus measures accelerated its growth to the point that now the debt to GDP ratio is at 143%, the highest in history and higher than at the end of World War 2.
As the debt grows, more needs to be paid in interest for the debt. As a consequence of that, less money will be available for spending programs and the budgets for the different sectors of the economy, such as Defense or Healthcare will suffer.
When there is more debt, the capacity of a government to respond to a crisis will decrease. One of the ways to respond to a crisis is to temporarily increase the debt. If the debt is bigger, this way becomes less available.
If the debt keeps growing, there will be a point in which the creditors, will lose confidence in the government's ability to pay back the money. This is the point at which these creditors will raise the interest rates. In addition to this representing less funds for government spending, this will cause financial institutions to fail because of the loss of value of the government bonds.
It is my opinion that the level of the US debt has to be decreased very soon. Otherwise, it will mean a change in the way of life in America.