The U.S. has never been more financially exposed heading into a potential economic crisis. With the national debt now equal to 100% of the country’s entire economic output—a level not seen since World War II—a prominent nonpartisan think tank is sounding the alarm: The country is flying blind into its next emergency, and the consequences for ordinary Americans could be severe.
The Committee for a Responsible Federal Budget (CRFB), a Washington-based fiscal watchdog whose board includes former senators, cabinet secretaries, and governors from both parties, has released a sweeping new report warning policymakers are “woefully underprepared” to handle the next recession or financial shock.
